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Brokers name 3 ASX shares to buy now

Brokers have named Westpac Banking Corp (ASX:WBC) 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. –

Stopwatch with Time to Buy on the counter

Many of Australia’s top brokers have been busy once again adjusting their estimates and recommendations. 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:

Aussie Broadband Ltd (ASX: ABB)

According to a note out of Shaw & Partners, its analysts have retained their buy rating and lifted their price target on this broadband provider’s shares to $3.33. The broker appears pleased with the company’s decision to allow retail brands to sell its internet services under their own name. And while it notes that the company hasn’t disclosed margins, it expects them to be in line with core expectations. Overall, it sees this offering as a potential growth catalyst. The Aussie Broadband share price is up 4% to $3.20 today.

Chalice Mining Ltd (ASX: CHN)

A note out of Macquarie reveals that its analysts have retained their outperform rating and lifted the price target on this mineral exploration company’s shares materially to $9.20. The broker made the move following the release of drilling results from Julimar. It notes that these have extended and widened the known zones of mineralisation. Looking ahead, Macquarie now assumes an 8 million tonnes per year operation is developed for A$500 million in capital. This has led to a material upgrade to its earnings estimates. The Chalice Mining share price is trading at $7.01 today.

Westpac Banking Corp (ASX: WBC)

Analysts at Goldman Sachs have retained their buy rating and lifted their price target on this banking giant’s shares to $26.67. This follows the release of an update on notable items ahead of its half year results release. Goldman has upgraded its earnings estimates to reflect these items and also the mark to market of its lending volumes assumptions. This led to earnings upgrades of 4.2%, 3.1%, and 3.7% for FY 2021 through to FY 2023. The broker also estimates that its shares offer fully franked dividend yields of 4.5%, 5.2%, and 5.4% over the next three years. The Westpac share price is trading at $25.00 this afternoon.

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James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Aussie Broadband Limited. The Motley Fool Australia has recommended Aussie Broadband Limited. 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.

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