The Oventus Medical Ltd (ASX: OVN) share price moved higher today, jumping 7.32% to 22 cents a share at the time of writing.

The Oventus share price was sent flying after the medical device company released its half-year results for the period ended 31 December 2020  (1H FY21). 

Oventus reports strong financial results

The company reported a 192% increase in booked revenue compared to the prior corresponding period (pcp), with booked revenues coming in at $550,000 for the 1H FY21 period.

Cash receipts totalled $415,000, which was a 109% increase over the pcp.  

Oventus held $4.8 million in cash and cash equivalents at the end of the period. This compares to $6.2 million at the end of the pcp.

The company reported a loss for the first half, totalling $4.7 million. This is an improvement compared to the loss reported for the six months ended 31 December 2019, which was $5.1 million.

Overall, Oventus has accumulated losses of $37.3 million. However, the business notes that as of 31 December 2020, its current assets exceed its current liabilities by approximately $3.6 million.

A government stimulus of $265,243 was granted to the company during 1H FY21 to help it maintain staffing levels in Australia and Canada during the coronavirus pandemic.

CEO Commentary

Oventus founder and CEO, Dr Chris Hart commented on the company’s performance: 

We are very pleased with how our Lab in Lab model has performed through what has been one of the most volatile and unprecedented respiratory pandemics in history. Despite the significant hampering of footfall across North America, we’ve still managed to grow device sales by 143% when compared to the same period last year.

Looking ahead, he added:

Based on what we currently know and correlated with a drop in the rate of infection, we see an improved outlook for physical patient appointments in North America. To protect ourselves against further volatility, our homecare extension of Lab in Lab has been elevated and we’ve just launched a new direct to consumer site, goPAPfree.com, where patients in North America can access treatment completely virtually.

This fully virtual model is the same one that is being made available to VGM’s member-base. While it’s a nascent part of our business, with very low patient acquisition costs, no CAPEX, higher margins and no physical barriers, we expect the homecare model to become a very exciting part of our strategy.

Oventus share price snapshot

Oventus is a medical device company focused on treating sleep apnoea and snoring. 

The company’s market capitalisation is $32.4 million. There are 158.3 million shares outstanding.

The Oventus share price is up by 4% in 2021, but has fallen 68.7% over the past year

More reading

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• Why the Genetic Signatures (ASX:GSS) share price surged 10% higher today
• You need to do this NOW in case of a market plunge
• BlueScope (ASX:BSL) share price rises after growing HY21 profit by 78%
• Why the Smart Parking (ASX:SPZ) share price is jumping 14% today

Motley Fool contributor Gretchen Kennedy 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 Genetic Signatures Ltd (ASX: GSS) share price was on form on Monday.

At one stage the molecular diagnostics company’s shares were up as much as 10% to $1.83.

The Genetic Signatures share price ultimately closed the day 6% higher at $1.75.

Why did the Genetic Signatures share price surge higher?

The catalyst for the strong rise in the Genetic Signatures share price today was the release of its half year results. Those results revealed record sales and its maiden profit.

For the six months ended 31 December, the company reported a whopping 638% increase in revenue to $18.7 million. This was driven by exceptionally strong demand for its EasyScreen SARS-CoV-2 (COVID-19) Detection Kit globally.

Thanks to its strong sales growth and improvements in its gross margin due to a higher average selling price, Genetic Signatures reported its first significant profit of $4.5 million for the half. This compares to a net loss of $2.35 million in the prior corresponding period.

Positively, the company was cash flow positive in both quarters. It generated $5.2 million overall and $7.8 million in positive operating cashflow. This includes a $2.6 million refund from the ATO in relation to the Research and Development (R&D) tax incentive program. However, it is worth noting that management doesn’t expect to qualify for this refund next year as its sales are likely to exceed the $20 million threshold.

At the end of the half, the company had a cash balance of $36.3 million and no debt.

Outlook

No guidance has been provided for the full year. However, management spoke positively about demand for its products.

It commented: “COVID-19 testing is expected to continue for the foreseeable future even with the rollout of the various vaccines around the world, and this is expected to benefit Genetic Signatures, though the Company is unable to determine whether testing volumes will change and/or by what proportion.”

“As new variants of the virus are detected it is unclear if the vaccines will be effective against them nor how transmissible the variants will be. Our platform technology, 3base is less susceptible to these variants and the company has confirmed that our current assay detects all reported variants.”

More reading

• Why the Genetic Signatures (ASX:GSS) share price is edging higher

Motley Fool contributor James Mickleboro 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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It’s been good times on the share market since March.

When you’re enjoying a bull market, it’s human nature to not give much thought to what might happen when everything comes crashing down.

But more than one equities expert has said it’s important to act quickly and buy up bargains if the market ever slumps.

“Extreme conditions create the most attractive investing opportunities, with some 90% of market returns being earned over just 5% of trading days,” Collins St Value Fund managing director Michael Goldberg posted this month on Livewire.

“It’s precisely during those times that all those around you think you are crazy, when even your ‘gut’ insists that you’re making a mistake, that true long term profits are established.”

Goldberg said one needs to feel uncomfortable to realise comfortable long-term gains.

“It’s in recognising that discomfort and realising that therein lies the opportunities that the greatest investors make the most spectacular returns.”

But how can you act quickly when the market heads south? What do you do?

Prepare now for a market plunge later

Acting quickly requires much preparation beforehand.

One of the best things a stock investor can do in good times is to prepare a shopping list for bad times.

Forager research analyst Chloe Stokes explained in the latest edition of Ask A Fund Manager this week.

“My biggest regret came during the meltdown in March. We saw brilliant companies like Nike Inc and Lululemon Athletica Inc down more than 30% in a couple of days,” she told The Motley Fool.

“Those stocks would have been excellent investments at market prices, but because I never thought they were cheap enough to invest any time into, I didn’t have a thesis ready.”

Stokes is now a firm believer in having a target list ready – full of shares you wouldn’t buy now but would pounce on if they ever sunk.

“It might seem like a waste of time, but you never know when the opportunity could come along to own a high-quality business at a more than reasonable price,” she said.

“I wouldn’t want to miss out on owning some of my favourite businesses if the opportunity presents itself again.”

So create a watch list in a spreadsheet or your stockbroking platform. Write it on a piece of paper, if you have to.

Brainstorm shares that you wished you owned but never bought because they’ve been too expensive.

Then for each of them, pick a price at which you’d pounce.

Buying during a crash not for the faint-hearted

Mind you, even with a shopping list, it takes courage to buy shares when the market is collapsing.

Panic and anxiety set in, and even the professionals need plenty of gumption to pull it off.

Pengana Australian Equities senior fund manager Rhett Kessler called it “reaching across the abyss” — as in jumping over a deep canyon to try to make it to the other side.

It’s also named “vomit buying”, which might be more literally accurate.

“You literally buy something, then you stand up. You walk around the desk, trying your hardest to settle your stomach so that you don’t throw up,” said Kessler in October.

“Then you sit back down, and you buy some more at 5% lower.”

Even with decades of stock market experience, Kessler found last March very stressful.

“I can honestly say it was one of the toughest periods in my 30 years of experience in this industry.”

But Stokes reminds us the target list is worth doing.

“You go through something like March, and it’s always so upsetting not being able to buy them because you just hadn’t done work.”

More reading

• Could Nike be a millionaire-maker stock?

Motley Fool contributor Tony Yoo 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 BlueScope Steel Limited (ASX: BSL) share price is up more than 2% after the steel manufacturing company announced that its profit had more than doubled in the FY21 result.

BlueScope was positive about the current operating environment despite COVID-19. Here are some of the highlights from the report if you didn’t catch it earlier:

BlueScope’s FY21 half-year result

The company said that its net profit after tax (NPAT) grew by 78% to $330.3 million. BlueScope reported that its underlying net profit after tax (NPAT) was $332.8 million.

Underlying earnings before interest and tax (EBIT) for the half-year was $530.6 million, up 75% compared to the prior corresponding period.

BlueScope said that it has seen strong volume and improving steel spreads in the largest steelmaking business in Australia and the US. Australian steel products domestic despatches were the highest in a decade, driven by a resurgent residential construction sector.

The Australian steel products division delivered underlying EBIT of $259.1 million, up 103% compared to the prior corresponding period. There has been particularly strong demand for coated and painted products, leading to the strongest domestic volumes since 2010.

BlueScope’s building products division for Asia and North America generated underlying EBIT of $150.3 million, up 87% year on year. The North America business improved significantly, due to improved manufacturing performance and cyclical margin expansion. The building North America business saw 189% growth of underlying EBIT to $70.5 million.

North Star

BlueScope currently has a plan to expand its North Star mini-mill in Delta, Ohio, by around 850,000 tonnes per annum.

The company said that over the last six months, work has commenced work on installing the melt shop, caster and shuttle furnace. Equipment continues to be delivered to site, with ancillary equipment such as cranes, water and electricity also being installed.

Capital management

BlueScope said that its buy-back programme will remain on hold whilst it’s focusing on investing on the North Star expansion and there is ongoing uncertainty in market conditions.

However, the board did approve the payment of a 6 cent per share interim unfranked dividend.

Outlook for the second half of FY21

The company said that at the beginning of the second half, its order and despatch rates in key markets remain robust. Spot steel spreads in North America are materially higher than both the first half longer-term averages.

However, it is uncertain whether these conditions will continue throughout the half due to market factors.

BlueScope is expecting underlying EBIT in the second half of FY21 to be in the range of $750 million to $830 million.

More reading

• BlueScope (ASX:BSL) share price slides on results
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Motley Fool contributor Tristan Harrison 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 Smart Parking Ltd (ASX: SPZ) is rocketing today after the company announced a favourable outcome on its United Kingdom VAT matters.

During late afternoon trade, the parking technology company’s shares are up 14.8% to 15.5 cents.

Let’s take a look at what’s driving the Smart Parking share price higher.

What did Smart Parking announce?

In today’s release, Smart Parking advised that it has reached settlement with Her Majesty’s Revenue and Customs (HMRC) on the administration of parking breach notices. The company noted a series of adjustments as a result of the settled dispute. They are as follows:

• HMRC to withdraw assessments raised in August 2019 for $3 million which were provided for in the FY19 accounts;
• HMRC to refund an overpayment of input VAT of $2.9 million;
• Smart Parking to write back its profit of $6.9 million in the prior year input VAT. This consists of reversal of a $4 million provision in the FY20 accounts for unpaid input VAT, and a cash refund of $2.9 million for overpaid input VAT;
• Smart Parking to withdraw notices of appeal that had been lodged in relation to the matter; and
• Smart Parking to restrict input VAT on a small number of leased sites where the company acts as principal.

Smart Parking noted that its pre-tax profit would receive a boost going forward as a result of the applied adjustments. This is due to the agreed method of calculating VAT, which will positively impact the company’s bottom line.

Smart Parking further stated that if the new method had been implemented across its entire FY20 year, then pre-profit tax would stand $1.7 million higher. The company said that looking ahead, regardless of expanding customer base, customer mix and government lockdowns, there will be significant annual benefits of pre-tax profits.

Smart Parking share price snapshot

Over the last 12 months, the Smart Parking share price has been a weak performer due to the negative impact caused by COVID-19. The company’s shares hit a low of 7 cents last March before slowly working their way back up to sit today 20% down on pre-pandemic levels.

More reading

• BlueScope (ASX:BSL) share price rises after growing HY21 profit by 78%
• Why the Emu (ASX:EMU) share price is rocketing 67% today
• Here’s why the Syrah (ASX:SYR) share price is rocketing 15% today
• Why the Archtis (ASX:AR9) share price opened 17% higher today
• Can ASX travel shares stage a comeback?

Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Smart Parking Ltd. 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 Emu NL (ASX: EMU) share price is rocketing today, up 62% in afternoon trading after posting gains of more than 118% earlier today.

Emu shares are surging after the gold explorer released some promising drill results from its Gnows Nest Project in Western Australia.

What drilling results did Emu report to send shares flying?

In today’s ASX release, Emu reported its maiden drilling program has confirmed and extended the high-grade gold mineralisation zone at its recently acquired Monte Cristo Gold prospect and its Gnows Nest Gold prospect.

To date, the company has received assay results from 33 drill holes, or 3,700 metres of its 9,000-metre reverse circulation (RC) drilling program at the project. Extensions to the high-grade gold lode were confirmed both at depth and along strike at Gnows Nest and Monte Cristo.

Emu stated that extensional drilling continues at its Gnows Nest prospect. The company expects to finalise the drill program by the end of February with additional assay results coming over the next 6 weeks.

Commenting on the promising drill results, Emu’s Chairman, Peter Thomas said:

These results provide early and strong encouragement for the potential of a materially large gold deposit emerging at Gnows Nest and could be the catalyst for the Company to transition from explorer to producer near term. Whilst we just might have a cub by the tail at the Gnows Nest Gold Project, we are excitedly awaiting the outcome of active programmes at all our projects during the remainder of the year.

Emu share price snapshot

As a microcap minerals explorer, the Emu share price is subject to some big swings. From 25 February 2020 through to 8 April shares plunged 75%. Since 8 April, the Emu share price has rocketed 790%, though not in any kind of straight line.

With today’s intraday gains factored in, shares of the ASX gold explorer are up 123% over the past 12 months. That compares to flat returns on the All Ordinaries Index (ASX: XAO) over that same time.

Year-to-date the Emu share price is also up 123%, having started 2021 at 4 cents per share, right where it was trading for at the beginning of 2020.

More reading

• BlueScope (ASX:BSL) share price rises after growing HY21 profit by 78%
• Why the Smart Parking (ASX:SPZ) share price is jumping 14% today
• Here’s why the Syrah (ASX:SYR) share price is rocketing 15% today
• Why the Archtis (ASX:AR9) share price opened 17% higher today
• Can ASX travel shares stage a comeback?

Motley Fool contributor Bernd Struben 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 Syrah Resources Ltd (ASX: SYR) share price has been in sensational form on Monday.

In afternoon trade, the graphite producer’s shares are up over 15% to $1.33.

This means the Syrah share price is now up 36% year to date. It is also trading within touching distance of its 52-week high.

Why is the Syrah share price rocketing higher today?

Investors have been buying Syrah shares on Monday after the release of a very positive announcement.

Just under 12 months ago the company decided to suspend production at its Balama Graphite Operation in Mozambique. The company made the move in response to COVID-19 impacts.

Operationally, these impacts led to travel restrictions which were impacting the mobility of the Balama workforce.

In addition to this, the pandemic led to a reduction in demand for the battery making ingredient due to lockdowns, mobility restrictions, and economic uncertainty negatively impacting electric vehicle sales.

However, with the worst now appearing to be over and demand for battery making ingredients rebounding very strongly, Syrah has decided to restart production at Balama.

Management explained that “Syrah is able to manage within current travel restrictions, and market conditions are deemed supportive of recommencing production.”

What now?

Syrah advised that it will now progress the recruitment of labour required to restart operations at Balama.

After which, it estimates that it will commence production at the operation within the next two to three months.

Is the Syrah share price in the buy zone?

According to a note out of UBS from last month, its analysts believe the Syrah share price is attractively priced.

The broker has a buy rating and $1.50 price target on its shares at present. Based on the latest Syrah share price, this implies potential upside of almost 13% for its shares over the next 12 months.

More reading

• Why the Syrah (ASX:SYR) share price fell 7% on Monday
• Why Ampol, Flight Centre, Syrah, & Telix shares are dropping lower

Motley Fool contributor James Mickleboro 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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Archtis Ltd (ASX: AR9) shares were on the move today following the company’s release of its financial results for the half year ending 31 December (H1 FY21). On market open, the Archtis share price surged 16.67% to an intraday high of 35 cents. However, at the time of writing, Archtis shares have retreated back to 30 cents, flat for the day so far.

Today is also the first day of trading for Archtis shares since the company requested a trading halt on 22 January. This was pending the release of the outcome of its proposed application to the Supreme Court of Western Australia. The application was related to Archtis’ “inadvertent failure to lodge cleansing notices … in relation to various issues of shares during the period from September 2020 to January 2021”.

Let’s take a look at what the cyber security software solutions provider reported today. 

What did Archtis report?

The Archtis share price rocketed higher in the opening minutes of trade after the company reported total revenues for the half year of $1.11 million. That’s up 358% from the $242,00 reported in the first half of the 2020 financial year. Recurring revenues ramped up 355% to reach $459,000.

Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at negative $941,000, an improvement on the negative $1.80 million reported in the prior corresponding half.

The company reported a 585% increase in its gross margin to $810,000, up 585%. Its cash balance, following an $8.4 million capital raising during the half, stood at $12.1 million as at 31 December, up 398% from H1 FY20.

Looking ahead, Archtis said its recently finalised merger with Nucleus Cyber as well as its $4.2 million Australia Defence contract win have helped position it well for additional revenue and licencing growth in the year ahead.

Commenting on the results, Archtis CEO Daniel Lai said:

Our prior half year successes will allow us to leverage and drive significant investments towards the expansion of sales distribution and identified market growth opportunities across the next six months and beyond. Our global mission to safeguard the world’s most valuable information is playing out in all regions.

Archtis Chair Miles Jakeman added:

We are well positioned to execute on the Board strategy of increasing customer adoption on a global basis through an annual recurring revenue / software licensing model that drives significant margin and predictability over the coming quarters to create shareholder value.

Among the company’s leading goals for the remainder of the 2021 financial year is to create a United States-based federal and defence-focused business unit.

Archtis share price snapshot

The Archtis share price reached an all-time closing high on 24 August of 52 cents. Whilst having dropped to today’s level since then, the Archtis share price remains up around 205% over the past 12 months. By comparison, the All Ordinaries Index (ASX: XAO) is flat over that same time.

Year to date, Archtis shares are down 3.23%.

More reading

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• The QBE (ASX:QBE) share price jumps to 2021 high on broker upgrades
• The Nexion (ASX:NNG) share price has rocketed 90% since its IPO
• 2 small ASX dividend shares with big yields

Motley Fool contributor Bernd Struben 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 travel industry was arguably the first to feel the heat of the COVID-19 crisis and looks likely to be the last to recover.

But the rollout of vaccines is offering new hope to ASX travel shares. Travel bookings have been at all-time lows during the pandemic, with shifting border restrictions making leisure travellers fearful of committing.

The vaccines potentially signify the beginning of the end of the pandemic, and the start of freer movement across borders. This should result in more opportunity to travel for pent up consumers. 

ASX travel shares bore the brunt of the sudden downturn in travel, with travel share prices plunging at the start of the pandemic.

The Qantas Airways Limited (ASX: QAN) share price fell  63% between February and March last year. The Webjet Limited (ASX: WEB) share price fell 72% over the same period while the Flight Centre Travel Group Ltd (ASX: FLT) share price fell 73%.

It’s now been a year since travel bans started to bite and hope is on the horizon for a return to more normal conditions. Let’s take a look at how ASX travel shares are travelling right now. 

Qantas 

The Qantas share price is up 100% from its low in March 2020 but remains 27% below its February 2020 high.

The airline was hit hard by COVID restrictions, reporting a 91% decrease in underlying profits in FY20. This resulted in a statutory loss of $2.7 billion.

Qantas expects to begin the balance sheet repair process in the second half of FY21 as the airline moves into recovery mode. This will be assisted by the impact of domestic border re-openings, progress on cost reduction programs, and the continued strong performance of loyalty and freight divisions.

Qantas has advised it will post a statutory loss in FY21, but expects to be close to break even at the underlying earnings before interest, tax, depreciation and amortisation (EBITDA) level for the first half. 

The airline has maintained strong liquidity throughout the crisis to protect against any additional, unexpected shocks. As at 30 November 2020, Qantas had $3.6 billion in available liquidity. This consisted of $2.6 billion in cash and a $1 billion undrawn revolving credit facility.

Qantas expected to increase this facility by $500 million before 31 December 2020 to provide additional standby liquidity. In a sign that the airline may be expecting greater travel in future, Qantas earlier this month signed a lease agreement with Alliance Aviation Services Limited (ASX: AQZ) for the provision of E190 aircraft. The agreement initially provides for three E190 aircraft to commence operations in mid-2021 with options to call on an additional 11 aircraft based on market conditions. 

Webjet  

Webjet reported its half-year results last week which demonstrated the continued impact of COVID-19 on the travel industry.

Total transaction volumes were $267 million, an 89% decrease compared to 1H FY20. This flowed through to a 90% drop in revenue, which was $22.6 million in 1H FY21 compared to $217.8 million in the prior corresponding period.

EBITDA was a negative $40.1 million, down from $87.3 million in 1H FY20. “These results reflect the devastating impact COVID-19 continues to have on the global travel industry,” managing director John Guscic said.

The Webjet share price is up 116% from last year’s low, but remains around 45% below pre-COVID highs.

For the travel operator, the focus continues to be on managing cash burn and cost reduction initiatives. The company says significant cost reduction initiatives are creating leverage for when travel markets reopen. These initiatives are expected to deliver 20% lower costs across the Webjet group when the business returns to scale. Webjet is also seeking capitalise on domestic leisure market opportunities. 

Webjet reported a statutory loss of $132 million for 1H FY21, with an underlying loss of $50 million. Trading for the rest of FY21 is expected to be in line with the first half.

Guscic says demand for travel remains high: “We believe people will want to travel as soon as they are able to and we are doing everything we can to ensure Webjet is there to capture demand when it happens.”

Webjet is looking to capitalise on this eventual travel recovery, which is expected to be led by domestic and leisure markets. 

Flight Centre

Flight Centre is due to release its half-year results this week, and with borders still in a state of flux, they might not be pretty.

The Flight Centre share price is up 74% from its March 2020 low, but is still trading well below pre-COVID levels, when shares were changing hands for closer to $40. As a result of the share price fall, Flight Centre was removed from the S&P/ASX 100 (ASX: XTO) in December. The travel operator reported a $510 million underlying loss for FY20, compared to a $343 profit in FY19. The loss was incurred entirely during the March–June period, which Flight Centre called “the most challenging trading environment the company has experienced”. 

Flight Centre entered the crisis with healthy cash reserves and minimal debt. It moved quickly to buffer itself when trading conditions deteriorated by securing additional cash and liquidity. It raised $700 million in capital in April 2020 and sold its Melbourne property for more than $62 million in July.

Cost reductions were implemented via store rationalisations and global workforce reductions. This saw Flight Centre close some 50% of leisure shops globally. 70% of employees were placed on redundancy, stand-down or furlough programs. By August Flight Centre advised its cost base could service 40% of normal transaction volume, which is likely to represent a break-even position. 

Can ASX travel shares stage a comeback? 

ASX travel shares have spent the past year under the cloud of COVID-19 and the unprecedented disruption it wrought. Now that hope has arrived in the form of a vaccine, we could start to see a return to better conditions for travel industry participants.

Although leisure travel is likely to be limited to domestic travel for the next year or so, demand from pent up travel consumers is growing. This could point to the start of a recovery for ASX travel shares. 

More reading

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• Brokers name 3 ASX shares to buy right now
• ASX 200 dips, EML soars after reporting, Appen sinks
• Share prices of travel shares soar, Corporate Travel (ASX:CTD) and Webjet (ASX:WEB) report
• Webjet (ASX:WEB) share price soars to 5% increase in late trade

Motley Fool contributor Kate O’Brien has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel 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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With so many shares to choose from on the ASX, it can be hard to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.

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

Australia and New Zealand Banking GrpLtd (ASX: ANZ)

According to a note out of Macquarie, its analysts have retained their outperform rating and lifted their price target on this bank’s shares to $28.50. The broker was pleased with ANZ’s first quarter update and has upgraded its estimates to reflect lower impairment charges, improving margins, and strong cost control. And while it still believes low interest rates and competition will limit its growth in the medium term, it expects its strong capital position to support higher dividends. The ANZ share price is fetching $26.55 today.

Goodman Group (ASX: GMG)

Analysts at Credit Suisse have upgraded this integrated property company’s shares to an outperform rating with a $19.62 price target. According to the note, Credit Suisse was expecting Goodman to upgrade its full year guidance last week, but the size of the upgrade was better than it expected. In addition to this, the broker was pleased with its result and notes that its development income was stronger than it forecast. The Goodman share price is trading at $17.30 this afternoon.

Lovisa Holdings Ltd (ASX: LOV)

A note out of Morgan Stanley reveals that its analysts have upgraded this fashion jewellery retailer’s shares to an overweight rating with an improved price target of $15.00. According to the note, Lovisa delivered a first half result ahead of its expectations. In fact, it almost surpassed the broker’s full year profit estimates in the first half. Morgan Stanley was also pleased to see its same store sales growth return early in the second half. Looking ahead, it sees a lot of potential from its global rollout. The Lovisa share price has now breached the broker’s price target and is trading at $15.07 this afternoon after a huge gain today. However, analysts at Morgans believe its shares can go even higher that Morgan Stanley’s price target. This morning they retained their add rating and lifted their price target to $17.95.

More reading

• Why Costa, Lovisa, OZ Minerals, & Tyro shares are racing higher today
• Why broker downgraded these 2 ASX 200 shares last week
• ASX 200 Weekly Wrap: ASX lower despite bumper dividends
• Is the ANZ (ASX:ANZ) share price a buy?
• 2 of the best ASX 200 results from last week

Motley Fool contributor James Mickleboro 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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