Here are a couple of ASX share ideas for this week…
The post 2 top ASX shares to buy right now appeared first on The Motley Fool Australia. –
If you are looking for some quality shares to add to your portfolio, then the two listed below could be worth considering.
Here’s why analysts are tipping these shares as buys right now:
BHP Group Ltd (ASX: BHP)
BHP could be a top option for ASX investors that are looking for exposure to the mining sector.
While the well-documented weakness in iron ore prices has been weighing heavily on its shares, it is worth remembering that BHP has exposure to a range of commodities. Some of which are commanding strong prices and supporting high levels of free cash flow generation.
This could make the pullback in the BHP share price a buying opportunity for investors. The team at Morgans certainly appears to believe this is the case. The broker recently reaffirmed its add rating and $46.05 price target on BHP’s shares.
Nitro Software Ltd (ASX: NTO)
If you’re more interested in the tech sector, then Nitro could be a share to consider.
Nitro is a fast-growing global document productivity software company aiming to accelerate digital transformation in a world that demands the ability to work from anywhere, anytime, on any device.
Its increasingly popular Nitro Productivity Platform offers comprehensive business solutions. These include powerful PDF productivity, eSigning, and industry-leading analytics.
At the last count, Nitro had over 2.8 million licensed users and 12,000+ business customers in 155 countries. Impressively, this includes over 68% of the Fortune 500 and three of the Fortune 10.
This has underpinned strong recurring revenue growth in recent years and this trend continues today. During the third quarter, Nitro reported a 50% increase in its ARR. This puts it on course to achieve its ARR guidance of US$39 million to US$42 million in FY 2021. And while this is a big number, it’s still only a fraction of its estimated total addressable market of $28 billion.
Nitro is one of Bell Potter’s favourite options in the tech sector. The broker currently has a buy rating and $4.50 price target on its shares.
Should you invest $1,000 in BHP right now?
Before you consider BHP, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and BHP wasn’t one of them.
The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of August 16th 2021
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 Nitro Software Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.