Brokers name 3 ASX shares to buy now

Brokers have named Woolworths Group Ltd (ASX:WOW) 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. –

asx buy

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:

Fortescue Metals Group Limited (ASX: FMG)

According to a note out of Ord Minnett, its analysts have retained their buy rating but trimmed their price target on this iron ore producer’s shares to $28.00. This follows the release of its third quarter update this week. While Fortescue’s C1 costs were higher than it was expecting, the broker notes that this is consistent with what other miners are experiencing. In addition, Fortescue fell short of its shipment expectations for the quarter. Nevertheless, Ord Minnett remains positive on the miner and sees a lot of value in its shares. The Fortescue share price is trading at $22.67 today.

Nitro Software Ltd (ASX: NTO)

A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $3.70 price target on this global document productivity software company’s shares. This follows the release of its first quarter update this week. While it notes that no dollar figures were provided, Morgan Stanley believes the company is tracking ahead of its annual recurring revenue (ARR) guidance after delivering growth of 66% during the quarter.  The Nitro share price is fetching $3.15 this afternoon.

Woolworths Group Ltd (ASX: WOW)

Analysts at Macquarie have retained their outperform rating and $44.50 price target on this retail conglomerate’ shares following its third quarter sales update. According to the note, the broker acknowledges that this quarterly result was hard to judge due to the prior period being impacted by COVID-19 panic buying. However, it believes Woolworths is performing better than Coles Group Ltd (ASX: COL) and has at least maintained its strong market share. It was also pleased to see that the Endeavour Drinks spin off is progressing well. The Woolworths share price is trading at $39.25 today.

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

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET and Woolworths Limited. 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.

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!