Brokers name 3 ASX shares to buy right 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 right now appeared first on The Motley Fool Australia. –

blackboard drawing of hand pointing to the words buy now

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:

Nick Scali Limited (ASX: NCK)

According to a note out of Citi, its analysts have retained their buy rating and lifted the price target on this furniture retailer’s shares to $12.05. This follows the release of Nick Scali’s half year results earlier this week. The retailer reported a half year net profit of $40.5 million, up 89.9% on the prior corresponding period. Citi was pleased with the result and expects the company to benefit from a favourable redirection of spending for the rest of the year. The Nick Scali share price is trading at $10.86 today.

Wesfarmers Ltd (ASX: WES)

A note out of the Macquarie equities desk reveals that its analysts have upgraded this conglomerate’s shares to an outperform rating with an improved price target of $60.00. According to the note, the broker believes Wesfarmers will benefit from strong consumer spending this year. It also suspects that low interest rates could give the housing market a big boost and support businesses like Bunnings, Target, and Kmart. The Wesfarmers share price is fetching $55.81 this afternoon.

Westpac Banking Corp (ASX: WBC)

Analysts at Morgans have retained their add rating and lifted the price target on this banking giant’s shares to $25.50. According to the note, the broker believes that credit impairment charges could surprise positively during earnings season. Especially given recent APRA data in relation to COVID-19 loan deferrals. Westpac is Morgans top pick in the sector and notes that its shares offer strong potential returns. It is expecting the bank to pay a $1.24 per share fully franked dividend in FY 2021. The Westpac share price is trading at $22.14 on Friday afternoon.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of Wesfarmers 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 right now appeared first on The Motley Fool Australia.

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