Brokers name 3 ASX shares to buy now

Brokers have named Zip Co Ltd (ASX:Z1P) and these ASX shares as buys this week. Here’s why they are bullish on them…
The post Brokers name 3 ASX shares to buy now appeared first on The Motley Fool Australia. –

what to like about asx share price represented by illustration of thumbs up icon inside speech bubble

Australia’s top brokers have been busy adjusting their estimates and recommendations once again. This has led to the release of a number of broker notes.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Appen Ltd (ASX: APX)

According to a note out of Citi, its analysts have retained their buy rating and $30.90 price target on this artificial intelligence (AI) services company’s shares. The broker notes that one of its rivals, Scale AI, has recently raised US$325 million in fresh funding. This doubles its valuation to US$7 billion in a matter of months. Citi believes this is a positive read through for Appen in relation to the outlook for the AI training data market. Though, it acknowledges that the company may have to increase its investment to stay ahead of the competition. The Appen share price is currently fetching $17.17.

Qantas Airways Limited (ASX: QAN)

A note out of Macquarie reveals that its analysts have retained their outperform rating and lifted their price target on this airline operator’s shares to $6.45. This follows an update out of Qantas this week revealing that it is expecting its domestic capacity to increase beyond pre-COVID levels in FY 2022. Overall, Macquarie believes that structural business improvements made during the pandemic will eventually lead to higher profitability. The Qantas share price is trading at $5.15 on Friday morning.

Zip Co Ltd (ASX: Z1P)

Analysts at Morgans have retained their add rating but trimmed their price target on this buy now pay later (BNPL) provider’s shares to $10.39. This follows the completion of its $400 million convertible notes offering. According to the note, the broker believes this leaves Zip with $500 million of cash to support its growth plans. It feels this is enough to fund the company’s operations for some time to come, ruling out any further capital raisings in the near term. The Zip share price is currently fetching $9.19.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Appen Ltd and ZIPCOLTD FPO. 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.

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

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!