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Brokers name 3 ASX shares to buy right now

Brokers have named TechnologyOne Ltd (ASX:TNE) 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. –

ASX buy

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:

Booktopia Group Ltd (ASX: BKG)

According to a note out of Morgans, its analysts have retained their add rating and lifted the price target on this online book retailer’s shares to $3.48. This follows the release of a first half trading update earlier this week. Morgans was pleased with Booktopia’s update and notes that it delivered very strong growth during the half. It also feels that management’s guidance is conservative and the company can outperform it. Looking ahead, Morgans believes the company is well-placed for growth thanks to market share gains and the growing online book market. The Booktopia share price is trading at $2.86.

ELMO Software Ltd (ASX: ELO)

Analysts at Morgan Stanley have retained their overweight rating and $9.70 price target on this cloud-based HR and payroll company’s shares following its second quarter update. ELMO delivered a result in line with the broker’s expectations and notes that management has reaffirmed its guidance for FY 2021. It appears confident the company will achieve its guidance and remains positive on the investment opportunity. The ELMO share price is trading at $6.79 today.

TechnologyOne Ltd (ASX: TNE)

A note out of UBS reveals that its analysts have upgraded this enterprise software company’s shares to a buy rating with an improved price target of $9.15. According to the note, the broker believes recent weakness in the TechnologyOne share price is a buying opportunity for investors. Especially given the potential for a quicker than expected conversion of its revenues to software-as-a-service revenue. Overall, it believes its shares offer a lot of value in comparison to its tech peers. The TechnologyOne share price is trading at $8.68 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. recommends Elmo Software. The Motley Fool Australia owns shares of and has recommended Elmo Software. 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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