Brokers name 3 ASX shares to buy now

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:

Accent Group Ltd (ASX: AX1)

According to a note out of Goldman Sachs, its analysts have retained their buy rating and lifted their price target on this footwear retailer’s shares to $2.75. This follows the release of a stronger than expected trading update, which has led to Goldman making material upgrades to its earnings estimates. All in all, the broker believes this update reinforces its positive view on the strength of younger consumers. This is good news for Accent given the majority of its customer base is aged 18-35. The Accent share price is trading at $2.09 on Friday.

Iluka Resources Limited (ASX: ILU)

Another note out of Goldman Sachs reveals that its analysts have retained their conviction buy rating on this mineral sands producer’s shares with an improved price target of $12.60. Goldman was pleased with Iluka’s quarterly update, noting that the company reported stronger than expected zircon and rutile sales volumes and realised prices. Goldman remains positive on the future due to the global supply of high grade TiO2 feedstock and zircon remaining tight. The Iluka share price is fetching $11.12 this afternoon.

Mineral Resources Ltd (ASX: MIN)

Analysts at Bell Potter have retained their buy rating and lifted their price target on this mining and mining services company’s shares to $110.00. The broker made the move mainly due to increases in its forecast commodity prices and realisation factors. In addition, over the next two years the broker is expecting the company’s business transformation to deliver significant earnings growth. The Mineral Resources share price is trading at $92.28 on Friday afternoon.

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

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More reading

• Why Accent, Mineral Resources, Newcrest, and Whitehaven Coal shares are dropping
• Mineral Resources share price falls on Goldman Sachs downgrade
• Invested $1,000 in Mineral Resources shares 10 years ago? Here’s how much passive income you’ve made
• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX 200 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. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group. 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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