Brokers name 3 ASX shares to buy right now

Brokers have named National Australia Bank Ltd (ASX:NAB) 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 right now appeared first on The Motley Fool Australia. –

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Australia’s top brokers have been busy adjusting their estimates and recommendations again, leading 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:

Audinate Group Ltd (ASX: AD8)

According to a note out of Morgan Stanley, its analysts have retained their overweight rating and lifted their price target on this professional audio-visual media networking solutions provider’s shares to $9.00. The broker made the move following the release of Audinate’s second quarter update. It was pleased with its performance given the headwinds it is facing and believes it has a long runway for growth in the future. The Audinate share price is trading at $8.07 on Friday.

National Australia Bank Ltd (ASX: NAB)

Another note out of Morgan Stanley reveals that its analysts have retained their outperform rating and lifted their price target on this banking giant’s shares to $26.00. Its analysts believe the banking sector’s outlook is improving and expect the market to begin to price in a recovery in earnings and dividends as the year progresses. It then suspects the banks could look at capital management initiatives in 2022 given the excess capital they built up during the pandemic. The broker is forecasting an 88 cents per share dividend in FY 2021 and a $1.06 per share dividend next year. NAB’s shares are changing hands for $24.26 this afternoon.

Rio Tinto Limited (ASX: RIO)

Analysts at Macquarie have retained their outperform rating and $127.00 price target on this mining giant’s shares. This follows news that Rio Tinto has secured a revised electricity agreement at the New Zealand Aluminium Smelter. Outside this, the broker sees upside risks to its short term earnings forecasts due to sky high spot iron ore prices. The Rio Tinto share price is trading at $120.69.

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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 AUDINATEGL FPO. The Motley Fool Australia has recommended AUDINATEGL FPO. 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 right now appeared first on The Motley Fool Australia.

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