It has been a busy week for Australiaâs top brokers after the holiday period. 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. Hereâs why brokers think these ASX shares are in the buy zone:
Allkem Ltd (ASX: AKE)
According to a note out of Citi, its analysts have retained their buy rating but trimmed their price target on this lithium minerâs shares to $17.30. This follows a solid quarterly update which revealed an impressive performance from the companyâs Olaroz operation. The broker was also pleased to see the company guide to strong lithium pricing in the third quarter. The Allkem share price is trading at $12.69 on Friday.
Dicker Data Ltd (ASX: DDR)
A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $13.00 price target on this computer hardware and software distributorâs shares. Ahead of earnings season, Morgan Stanley has been looking at the prospects of companies under coverage in the mid cap space. The good news is that the broker believes Dicker Data is well-placed to deliver on its estimates this year thanks to easing supply chain headwinds and strong momentum. The Dicker Data share price is fetching $10.96 this afternoon.
Pilbara Minerals Ltd (ASX: PLS)
Analysts at Macquarie have retained their outperform rating and $7.50 price target on this lithium minerâs shares. This follows the release a strong second quarter update which revealed production and shipments ahead of the brokerâs estimates. Macquarie was also pleased with its lithium price realisation and cost reductions. Combined, it notes that this has underpinned a big boost to its cash balance. The Pilbara Minerals share price is trading at $4.42 on Friday.
The post Brokers name 3 ASX shares to buy now appeared first on The Motley Fool Australia.
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More reading
- Here are the 3 most heavily traded ASX 200 shares on Friday
- Why Fisher & Paykel, Pilbara Minerals, Resolute, and Whitehaven Coal are storming higher
- 3 ASX 200 shares leaping more than 5% on strong earnings updates
- ‘In harvest mode’: Why the Pilbara Minerals share price is rocketing 8% higher today
- My top predictions for ASX 200 mining shares in 2023
Motley Fool contributor James Mickleboro has positions in Allkem. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Dicker Data. The Motley Fool Australia has positions in and has recommended Dicker Data. 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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