Brokers name 3 ASX shares to buy now

Brokers have named Coles Group Ltd (ASX:COL) 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. –

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Many of Australia’s top brokers have been busy adjusting their financial models and recommendations again this week. 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:

Coles Group Ltd (ASX: COL)

According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $20.25 price target on this supermarket giant’s shares following its third quarter update. Although the broker acknowledges that Coles fell a touch short of the market’s expectations, it believes this was already priced into its share price. In addition, the broker isn’t convinced that a price war in the industry is coming. As a result, it sees a lot of value in the company’s shares at the current level. The Coles share price is fetching $16.36 this afternoon.

IDP Education Ltd (ASX: IEL)

Analysts at UBS have retained their buy rating but trimmed the price target on this language testing and student placement company’s shares to $29.05. According to the note, the broker points out that the Indian market is IDP Education’s most important market, contributing over a third of its expected revenue in FY 2021. In light of this, it does see the COVID-19 crisis in the country as a risk to earnings. Nevertheless, long term it believes the company is well-placed and expects it to come out of the pandemic in a stronger market position. Particularly given its software business. The IDP Education share price is trading at $22.67 on Thursday.

Life360 Inc (ASX: 360)

A note out of Credit Suisse reveals that its analysts have retained their outperform rating and lifted their price target on this technology company’s shares to $8.30. According to the note, the broker was pleased with Life360’s first quarter update. It also notes that the company has just announced the acquisition of Jiobut, which opens up cross-selling opportunities. Overall, the broker is very positive on its outlook and sees strong growth ahead. The Life360 share price is trading at $5.92 this afternoon.

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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 Idp Education Pty Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Life360, Inc. The Motley Fool Australia owns shares of COLESGROUP DEF SET. 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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