The Flight Centre Travel Group Ltd (ASX: FLT) share price suffered on Thursday despite the broader market trading in the green. Though, it wasn’t alone in its fall. Many of its ASX travel peers also slipped today.

As of Thursday’s close, the Flight Centre share price is $18.13, 2.37% lower than it was at the end of Wednesday’s session.

For context, the S&P/ASX 200 Index (ASX: XJO) gained 0.48% today, while the All Ordinaries Index (ASX: XAO) finished 0.45% higher.

Let’s take a look at what might have contributed to ASX travel stocks’ dive today.

What weighed on the Flight Centre share price today?

The Flight Centre share price was one of the worst performing ASX travel shares on Thursday.

It was joined in the red by the Helloworld Travel Ltd (ASX: HLO) share price. It slipped a notable 2.51%.

Meanwhile, shares in Corporate Travel Management Ltd (ASX: CTD), Qantas Airways Limited (ASX: QAN), and Webjet Limited (ASX: WEB) each slumped 2.19%, 2.35%, and 0.55% respectively.

That’s despite no news having been released by any of the ASX travel majors. However, today marks one of the worst days of the COVID-19 pandemic for Australia so far.

While the changing COVID-19 situation likely hasn’t directly weighed on any particular share price, it could have impacted sentiment for the sector.

Both Queensland and New South Wales recorded a record number of new cases on Thursday, while Western Australia shut its border entirely.

The state has now officially banned travel from the Northern Territory, leaving it without a single open border.

However, Queensland Premier Annastacia Palaszczuk announced that the sunshine state will drop all border requirements for domestic arrivals from 1 am on 15 January.

Today’s drop sees the Flight Centre share price 2.9% lower year to date. Though, it has gained 4% since this time last month.

The post Why did the Flight Centre (ASX:FLT) share price slump on Thursday? appeared first on The Motley Fool Australia.

More reading

• Why did the Flight Centre (ASX:FLT) share price have such a volatile year in 2021?
• These are the 10 most shorted ASX shares
• Buying ASX shares in 2022? Here’s what you need to know: expert
• 5 best ASX 200 travel shares of 2021
• 2 ASX travel shares that flew higher than Flight Centre (ASX:FLT) in 2021

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Helloworld Limited. The Motley Fool Australia owns and has recommended Helloworld Limited. The Motley Fool Australia has recommended Corporate Travel Management Limited, Flight Centre Travel Group Limited, and Webjet Ltd. 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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The Green Technology Metals Ltd (ASX: GT1) share price continued its impressive run today despite no news from the lithium company.

At the closing bell, the company’s shares were swapping hands for 83 cents, up 1.84%. However, in earlier trade, they hit 95 cents, a 16.5% gain on yesterday’s closing price.

Let’s take a look at what might be impacting the company’s share price.

Lithium exploring

The Green Technology share price has been on a roll since the start of the year. Since the market closed on 31 December, the explorer’s shares have exploded by 59.6%. They have finished in the green every day this week, including soaring by 13.77% on Tuesday.

Investors may be reacting to strong demand for lithium and a tightening supply. Lithium carbonate prices in China have soared 10% from 277,500 yuan per tonne to 306,500 yuan per tonne since the start of the year.

Bloomberg reported on Wednesday supplies of the battery commodity are at risk, while demand is increasing due to growing electric vehicle uptake. Plant maintenance and Winter Olympic restrictions in China and labour shortages in Australia were cited as reasons for the supply issue.

Additionally, Liontown Resources CEO Tony Ottaviano on Wednesday played down concerns by some analysts over a lithium supply glut. He noted the difficulties for smaller companies entering the lithium space. 

Positive broker notes on the lithium sector may also be weighing on investors’ minds. As my Foolish Colleague Brooke reported on Tuesday, multiple brokers are optimistic about the commodity. JP Morgan expects the lithium market will grow 24% by 2030, while S&P Global Platts predicts a supply shortfall of 5,000 megatons of lithium carbonate in 2022.

In December Green Technology advised it had commenced drilling at the Seymour lithium asset in Ontario, Canada. Drilling is expected to be completed by March 2022. Results from the drilling are not yet available.

Also, on 4 January, the company provided a response to a price query from the ASX. Green Technology confirmed it is complying with the listing rules and is not aware of any information not released to the market that could explain recent trading of its shares.

That day, Green Technology shares hit a new record high of 68 cents amid optimism over the impending drilling results.

Green Technology share price snapshot

The Green Technology share price has soared 140% in the past months and 33% in the past week.

In comparison, the S&P/ASX 200 Index (ASX: XJO) has returned 1.6% in the past month.

The company commands a market capitalisation of roughly $160.9 million based on the current share price.

The post How has the Green Technology Metals (ASX:GT1) share price surged 60% already this year? appeared first on The Motley Fool Australia.

More reading

• The Green Technology Metals (ASX:GT1) share price jumped 30% to a record high today

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 no position in any of the stocks mentioned. 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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Tesla‘s (NASDAQ: TSLA) shareholders have endured some stomach-turning volatility in recent months. After surging to new all-time highs above $1,200 in early November, the electric vehicle (EV) company’s stock price plunged below $900 by late December. 

Tesla’s shares have clawed back most of those losses in recent weeks. Yet after seeing its stock whipsaw, many investors are still struggling to find the answer to an important question: Is the stock a buy today?

Two analysts put forth that it is. Here’s why.

Goldman Sachs analyst Mark Delaney is bullish on Tesla’s shares. On Monday, he reiterated his buy recommendation on the EV giant’s stock and boosted his price forecast from $1,125 to $1,200, or roughly 8% above its current price near $1,106.

Delaney believes Tesla’s stock represents the best way for investors to profit from the long-term growth of the electric vehicle market. He points to the EV titan’s strong fourth-quarter deliveries of over 308,000 vehicles as a sign that Tesla will continue to enjoy strong demand for its cars in the coming years. He also expects the company’s profit margins to improve as it scales its production.

Morgan Stanley analyst Adam Jonas is another Tesla bull. He sees the EV maker’s shares rising roughly 18%, to $1,300.

Like Delaney, Jonas cautioned investors to not overlook Tesla’s impressive fourth-quarter delivery figures. Instead, he believes two powerful takeaways can be gleaned from the report: Tesla is the undisputed EV leader, and it’s widening its lead over its rivals.

So, is Tesla a buy?

If Delaney and Jonas are correct, Tesla stands to benefit from the global shift to electric vehicles more than any other company. That would make its stock an attractive buy, and one that could reward investors handsomely in the coming decade. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Tesla stock is back above $1,100. Is the EV leader a buy? appeared first on The Motley Fool Australia.

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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and recommends Tesla. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Afterpay Ltd (ASX: APT) share price has failed to build on Wednesday’s gains.

In afternoon trade, the buy now pay later (BNPL) provider’s shares are down 1.5% to $75.80.

Why is the Afterpay share price falling?

The Afterpay share price is under pressure today following a pullback in the Block (previously named Square) share price overnight.

Yesterday Block received the final approval required to implement its takeover of Afterpay. This means that in a matter of days the Afterpay share price will no longer exist and will instead be absorbed into the payment giant.

The combined company will then have a secondary listing on the Australian share market under the SQ2 ticker code. It is due to commence trade on the ASX on 20 January on a deferred settlement basis before trading normally from 2 February.

Should you buy Afterpay shares before they convert to SQ2 shares?

One leading broker that appears to believe that investors should buy Afterpay shares now is Macquarie Group Ltd (ASX: MQG).

The note, courtesy of the Australian, reveals that its analysts feel there’s a buying opportunity here for investors. This is due to their belief that the Square share price is undervalued at the current level.

Macquarie commented: “APT’s share price should trade in line with SQ going forward and whilst the story is a bit more complicated now vs when the proposed acquisition was initially announced in terms of the BNPL operating environment, the potential impact to Cash App from waning government payments, and tech multiples coming in on higher rate expectations, SQ shares are still quite undervalued in our view.”

US growth slows

Though, it is also worth highlighting that Morgan Stanley estimates that the company’s growth in the key US market is slowing.

Yesterday’s note reveals that the broker estimates that Afterpay’s app downloads grew 10% year on year in December in the US. This was notably lower than its rivals. The broker estimates that Affirm’s app downloads grew 90% and Klarna’s grew 70%.

However, if Block integrates the Afterpay BNPL service into its Cash App in 2022, which has over 40 million active users, these lagging download rates won’t be much of a problem.

The post Are Afterpay (ASX:APT) shares a buy before they convert into SQ2 shares? appeared first on The Motley Fool Australia.

More reading

• Here’s why ASX 200 tech shares (ASX:XTX) outperformed today
• Why Afterpay, Appen, Liontown, and Nickel Mines shares are surging higher
• ASX 200 (ASX:XJO) midday update: Afterpay-Block deal approved, Fortescue downgraded
• Afterpay-Block takeover approved: Here’s what happens to your shares
• 5 things to watch on the ASX 200 on Wednesday

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. owns and has recommended Afterpay Limited and Block, Inc. The Motley Fool Australia owns and has recommended Afterpay Limited. The Motley Fool Australia has recommended Macquarie Group Limited. 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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Shares in Australia and New Zealand Banking Group Ltd (ASX: ANZ) are inching higher and now trade less than 1% in the green at $28.29.

After trading sideways for the best part of a year, the ANZ share price gathered support in December in line with broad sector strengths and fund flows into ASX financial shares.

Despite this, analysts covering the ASX financials universe at JP Morgan reckon that ANZ will deliver the weakest credit growth amongst all the banking majors in 2022.

In its report covering the outlook of the ASX financials sector in 2022, the broker highlighted that ANZ might be in for some challenges with this key growth metric. Here are the details.

Will ANZ lag its peers in credit growth?

Firstly, in its assessment of the market mechanics for 2022, JP Morgan expects that overall Australian housing credit growth should slow in 2022, given “building headwinds” and a shifting interest rates regime.

The broker notes that most banks have already begun increasing their fixed lending rates. Not only that, but the firm says that APRA is likely to apply more macro-prudential authority, which it thinks “will likely target highly indebted borrowers (i.e. debt-to-income > 6x)”.

Not only that, but housing affordability seems “increasingly stretched” given the level of house price growth in 2021, placing further stress on first-home-buyer demand.

Yet, despite these challenges to the sector, JP Morgan anticipates the majors will “grow their housing books at 5.5% in FY22 (based on system growth of ~7%), while non-housing will be slightly weaker at ~4%”.

Yet, it also notes that credit growth rates between the banking majors are unlikely to be even in FY22. The firm reckons that Commonwealth Bank of Australia (ASX: CBA) will lead the pack in terms of credit growth, forecasting circa 7-8% in housing and non-housing credit growth for FY22, followed by National Australia Bank Ltd. (ASX: NAB) at around 5–6%.

However, the firm expects that ANZ is poised to deliver the weakest credit growth in FY22 across both divisions, “particularly given its issues in Australian housing”.

The firm forecasts around 3% housing credit growth in FY22 for the bank and around 2% non-housing credit growth for the same period.

But it’s not all doom and gloom for the banking giant, says JP Morgan. The broker reckons the compressed growth should shift and then “build towards improved growth in FY23 as it focuses on turnaround times”.

It notes ANZ’s language from 2021 on relevant guidance for the upcoming year, where the bank says “at some point in the second-half, we should be growing in line with our major bank peers”.

Looking out to FY23 and FY24, the broker sees a mild recovery in ANZ’s credit growth, but still lagging most of its peers in that regard.

JP Morgan remains neutral on the direction of the ANZ share price but values the company at $30 per share.

ANZ share price snapshot

In the last 12 months, ANZ has gained 17% after climbing another 3% in the past month alone.

Shares have started the year well and have pushed 3% higher since January 1.

The post ANZ (ASX:ANZ) will lag other majors on this key growth metric in 2022 says top broker appeared first on The Motley Fool Australia.

More reading

• Is Westpac (ASX:WBC) going to be the best big 4 bank for dividends in 2022?
• Could this impact the performance of ASX 200 banks more than interest rates in 2022?
• These were the top 5 ASX 200 bank shares in 2021
• Why is the ANZ (ASX:ANZ) share price having such a fab Friday?
• Here’s why CBA (ASX:CBA) shares have the lowest big four bank dividend right now

The author has no positions 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 no position in any of the stocks mentioned. 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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The Fortescue Metals Group Limited (ASX: FMG) share price is continuing its rebound on Thursday.

At the time of writing, shares in the iron ore behemoth are swapping hands for $21.40, up 2.47%. For context, the S&P/ASX 200 Index (ASX: XJO) is 0.34% higher in afternoon trade.

The Fortescue share price is still a long way off its 52-week high of $26.58. The share price reached this level in late July when iron ore prices were touching record highs of US$220 per tonne.

Let’s take a closer look at what could be behind the optimism for ASX-listed Fortescue today.

Bad weather constrains Brazil’s iron ore supply

Like any other commodity, the price of iron ore is the product of a supply and demand equation. To the delight of Fortescue shareholders, the output of that equation is looking more favourable for suppliers today.

After retreating to nearly US$90 per tonne in November 2021, iron ore prices have sprung back to life. At present, the price of the steel-making commodity is fetching about US$131.60 per tonne. This places iron ore at a 3-month high — but what’s behind this new momentum?

According to S&P Global, torrential rainfall across Minas Gerais in southeastern Brazil has disrupted iron ore mining operations. Moreover, miners — including iron ore giant Vale — have announced halts across their sites.

Considering Brazil is China’s second-largest iron ore supplier, its production can have significant implications for the iron ore price.

The potential benefit to Fortescue has ASX investors bidding up the iron ore juggernaut today.

Notably, Fortescue’s Pilbara-based mines are continuing their operations, which means the company can capture the higher commodity pricing.

However, commodity analysts are closely monitoring the other side of the pricing equation — demand. The Omicron COVID-19 variant could still impact demand for iron ore in China. Although, Mysteel Research & Consulting is forecasting China’s demand to hold firmly.

Broker’s take on Fortescue share price on the ASX

Recently, analysts over at Citi downgraded Fortescue based on its valuation. In a note, the broker placed a sell rating on Fortescue with a share price target of $17.20. This would suggest a potential downside of nearly 20%.

The Fortescue share price has performed strongly already this year. Fortescue shares are up 7.8% on a year-to-date basis.

The post Fortescue (ASX:FMG) share price up amid rainy days for Brazilian iron ore appeared first on The Motley Fool Australia.

More reading

• Goldman Sachs says buy Rio Tinto and South32 shares but sell Fortescue now
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• ASX 200 (ASX:XJO) midday update: Afterpay-Block deal approved, Fortescue downgraded
• Why this top broker says the Fortescue (ASX:FMG) share price is overinflated

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Mitchell Lawler 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 no position in any of the stocks mentioned. 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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The Liontown Resources Limited (ASX: LTR) share price is again on the rise today. This comes after the company’s CEO weighed in on the future supply of lithium in the market.

At the time of writing, the lithium developer’s shares are 3.68% higher at $1.69 apiece, having earlier reached as high as $1.75. They also gained 5.16% yesterday.

What did Liontown’s CEO say?

Investors are continuing to drive up the Liontown share price amid comments from the CEO this week.

In the Australian Financial Review on Wednesday, Liontown CEO Tony Ottaviano played down concerns over a lithium supply glut. Some analysts are forecasting an oversupply of spodumene concentrate which could put pressure on the future spot price of lithium.

However, Mr Ottaviano dismissed the outlook by analysts and noted the difficulties for smaller companies entering the lithium space. He said while many lithium players are promising spodumene concentrate production by next year, this is not possible if they have not significantly progressed in their operations.

On average, it takes a company between five to seven years to bring a mine from the exploration phase to production.

In addition, acquiring exploration permits and managing supply chains takes time which can further delay unlocking lithium deposits.

Liontown, on the other hand, has been advancing its wholly-owned Kathleen Valley project located in Western Australia’s north-eastern Goldfields region.

A binding offtake agreement with premier global battery maker, LG Energy Solution was announced yesterday, which resulted in a surge in the Liontown share price. The deal will see the supply of up to 150,000 dry metric tonnes (DMT) per annum of spodumene concentrate from 2024.

To put this into perspective, the Kathleen Valley project is anticipated to have a start-up production capacity of 500,000 DMT. The deal represents almost one-third of the entire initial output. The Liontown share price soared on the announcement.

Construction at the mine is set to commence in the second quarter of 2022. Once completed, it would be one of Western Australia’s largest lithium mines.

Liontown share price snapshot

It has been a sound 12 months for the Liontown share price, rising by more than 330% during that period.

The company’s shares reached an all-time high of $1.995 in November, and have since moved in a sideways channel.

Liontown commands a market capitalisation of roughly $3.72 billion, with approximately 2.18 billion shares on issue.

The post Liontown (ASX:LTR) share price leaps again as boss dismisses lithium supply glut concerns appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Here are the 3 most heavily traded ASX 200 shares this Wednesday
• Why Afterpay, Appen, Liontown, and Nickel Mines shares are surging higher
• ASX 200 (ASX:XJO) midday update: Afterpay-Block deal approved, Fortescue downgraded
• Here’s why the Liontown (ASX:LTR) share price is rocketing 13% higher

Motley Fool contributor Aaron Teboneras 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 no position in any of the stocks mentioned. 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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The S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. In afternoon trade, the benchmark index is up 0.35% to 7,464.4 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

BWX Ltd (ASX: BWX)

The BWX share price has crashed 16% to $3.65. This follows the surprise announcement of the exit of the personal care products company’s CEO, Dave Fenlon. According to the release, Mr Fenlon will be replaced by the company’s COO, Rory Gration, from 1 March. Mr Fenlon will remain on the board as a non-executive director.

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price is down almost 10% to $1.66. This appears to have been driven by profit taking after a very strong gain on Wednesday. The medical device company’s shares jumped 28% yesterday following the release of a trading update.

Sandfire Resources Ltd (ASX: SFR)

The Sandfire share price is down 1.5% to $6.92 after being downgraded by analysts at Goldman Sachs. According to the note, the broker has downgraded the copper producer’s shares to a sell rating with a $6.10 price target. Goldman made the move on valuation grounds and execution risks with the Botswana/Motheo copper mine.

Sonic Healthcare Limited (ASX: SHL)

The Sonic share price is down 5% to $41.42. This may be a delayed reaction to Credit Suisse downgrading the healthcare company’s shares to a neutral rating with a $46.50 price target on Wednesday. The broker suspects Sonic’s earnings may have peaked in the first half as COVID testing now gives way to rapid antigen testing. In addition, Credit Suisse notes that the company is battling staff shortages due to the rapid spread of Omicron.

The post Why BWX, PolyNovo, Sandfire, and Sonic shares are tumbling today appeared first on The Motley Fool Australia.

More reading

• BWX (ASX:BWX) share price sinks 14% on leadership news
• ASX 200 (ASX:XJO) midday update: Crown jumps, miners rally, Sonic sinks
• Why BrainChip, PointsBet, PolyNovo, and Syrah shares are pushing higher
• ASX 200 (ASX:XJO) midday update: PolyNovo rockets, Inghams sinks
• Here’s why the PolyNovo (ASX:PNV) share price is jumping 13% 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. owns and has recommended POLYNOVO FPO. The Motley Fool Australia has recommended BWX Limited and Sonic Healthcare Limited. 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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The S&P/ASX 200 Index (ASX: XJO) is having another pleasant day so far on the ASX boards this Thursday. At the time of writing, the ASX 200 is up a healthy 0.34% at 7,464 points.

But let’s take a closer look at what the markets are up to today by checking out the ASX 200 shares currently topping the share market’s volume charts, according to investing.com.

3 most traded ASX 200 shares by volume this Thursday

Liontown Resources Limited (ASX: LTR)

Our first ASX 200 share up today is miner Liontown. This lithium explorer has had a significant 16.08 million of its shares change hands thus far this Thursday. Liontown has seen a pleasing jump in its valuation today, having risen 3.37% at the time of writing to $1.68 a share after going as high as $1.75 (up more than 6%) earlier this morning. Additionally, we also got a notice out of the company this morning that its ongoing share purchase plan will be extended until 28 January. It’s this combination of events that has likely resulted in this elevated trading volume.

Telstra Corporaiton Ltd (ASX: TLS)

ASX 200 telco Telstra is our next share up today. So far, a hefty 16.71 million Telstra shares have found their way into a new pocket. The Telstra share price has done a bit of bouncing around thus far this Thursday. It’s currently sitting at $4.20 a share after rising as high as $4.32 and as low as $4.16 during today’s session. Further, we also got an update regarding Telstra’s upcoming half-year earnings results this morning. These two factors are probably the smoking gun behind so many shares shifting places thus far.

Pilbara Minerals Ltd (ASX: PLS)

Our final and most traded ASX 200 share this Thursday goes to Pilbara Minerals. This lithium producer has watched as a notable 21.21 million of its shares have been bought and sold so far today. With no news or announcements out of this ASX share today, we can probably assume this high trading volume is the result of the healthy share price appreciation Pilbara has enjoyed this Thursday. The company is presently up by 3.21% at $3.70 a share after hitting a new record high of $3.81 earlier today.

The post Here are the 3 most heavily traded ASX 200 shares on Thursday appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to buy today
• Own Telstra (ASX:TLS) shares? Here’s what you need to know about next month’s earnings report
• ASX 200 (ASX:XJO) midday update: Crown jumps, miners rally, Sonic sinks
• 5 things to watch on the ASX 200 on Thursday
• Here are the top 10 ASX shares today

Motley Fool contributor Sebastian Bowen owns Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Telstra Corporation Limited. 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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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three ASX shares brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Iluka Resources Limited (ASX: ILU)

According to a note out of Goldman Sachs, its analysts have added this mineral sands producer’s shares to their conviction buy list with a $12.40 price target. Goldman made the move in response to its attractive valuation, compelling Zircon and TiO2 price upside, and rare earth growth potential. The broker also highlights the recent release of a larger-than-expected maiden resource on the Wimmera rare earth and zircon deposits in Victoria. The Iluka share price is trading at $11.15 on Thursday afternoon.

Select Harvests Limited (ASX: SHV)

A note out of Citi reveals that its analysts have retained their buy rating and $9.00 price target on this almond producer’s shares. The broker believes Select Harvests is well-placed to benefit from tough operating conditions for its rivals in the United States. In addition, Citi points out that weather conditions haven’t been favourable in California this month, which could be a positive for almond pricing. The Select Harvests share price is fetching $5.82 today.

Telstra Corporation Ltd (ASX: TLS)

Analysts at Ord Minnett have retained their buy rating and lifted their price target on this telco giant’s shares to $4.85. According to the note, the broker remains very positive on Telstra’s outlook and continues to expect increased profitability and productivity gains from its fixed business. In addition, it sees opportunities for further asset monetisation, which could support increased dividends. The Telstra share price is trading at $4.20 this afternoon.

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

More reading

• Own Telstra (ASX:TLS) shares? Here’s what you need to know about next month’s earnings report
• Here are the 3 most heavily traded ASX 200 shares this Wednesday
• Is the Telstra (ASX:TLS) dividend going to grow in 2022?
• Broker names 2 ASX dividend shares to buy in January
• 4 reasons the Telstra (ASX:TLS) share price could be great value

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 owns and has recommended Telstra Corporation Limited. 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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