Brokers name 3 ASX shares to buy right now

Brokers have named Altium Limited (ASX:ALU) 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 Motley Fool Australia. –

Australia’s top brokers have been busy adjusting their estimates and recommendations again, leading to the release of a large number of broker notes this week.

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:

Altium Limited (ASX: ALU)

According to a note out of Credit Suisse, its analysts have initiated coverage on this electronic design software company’s shares with an outperform rating and $42.00 price target. Its analysts are a fan of the company’s shift to the cloud through its Altium 365 platform. Altium has stated that it expects this strategy to support transformation through dominance and Credit Suisse appears to agree. It sees a lot of cloud-based transformation potential over the long term. The Altium share price is trading at $35.24 this afternoon.

Nick Scali Limited (ASX: NCK)

Analysts at Canaccord Genuity have initiated coverage on this furniture retailer’s shares with a buy rating and $10.75 price target. Its analysts believe Nick Scali’s shares are great value at the current level and offer material upside over the next 12 months. Last month the company reported a 45% increase in total sales orders for the first three months of FY 2021. It also revealed that this positive trend has continued through October. The Nick Scali share price is fetching $8.42 on Friday.

Origin Energy Ltd (ASX: ORG)

A note out of Goldman Sachs reveals that its analysts have retained their conviction buy rating and $7.85 price target on this energy company’s shares. The broker was pleased with management’s commentary at its investor day and sees a clear path to capital returns now its balance sheet has been restored. It believes rising returns to shareholders will be the last step to drive a rebound in its share price. The Origin Energy share price is trading at $5.19 at the time of writing.

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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 and recommends Altium. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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

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