Brokers name 3 ASX shares to buy today

Brokers are bullish on these ASX shares…
The post Brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia. –

It has been another busy week for Australia’s top brokers. This has led to the release of a large 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:

Macquarie Group Ltd (ASX: MQG)

According to a note out of Morgans, its analysts have retained their add rating and lifted their price target on this investment bank’s shares to $172.30. This follows the release of the company’s first quarter update, which revealed significant profit growth on the prior corresponding period. And while Macquarie has reduced its target dividend payout ratio, the broker isn’t concerned. It notes that Macquarie’s payout ratio has rarely gone beyond its new 50% to 70% range in the last five years. Outside this, the broker likes Macquarie due to the strength of its balance sheet and solid medium term outlook. The Macquarie share price is fetching $157.46 today.

Pilbara Minerals Ltd (ASX: PLS)

A note out of Macquarie reveals that its analysts have retained their outperform rating and increased their price target on this lithium miner’s shares to $2.00. Although the broker felt the company’s operational performance was poor during the fourth quarter, it remains bullish. This is due to the ramp up of the Ngungaju project, strong spot prices, and its potential downstream joint venture plans with POSCO. The Pilbara Minerals share price is trading at $1.77 today.

Pointsbet Holdings Ltd (ASX: PBH)

Analysts at Ord Minnett have retained their buy rating but cut their price target on this sports betting company’s shares to $13.60. This follows the release of its fourth quarter update and the announcement of a $400 million capital raising. This capital raising is expected to help the company grow its market share in the United States and expand its footprint to 18 US states by the end of 2022. The PointsBet share price was last trading at $11.29.

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

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More reading

Macquarie (ASX:MQG) share price edges lower after signalling dividend cut
ASX lithium shares are surging this Friday. Here’s why.

What’s going on with the Pilbara Minerals (ASX:PLS) share price today?
ASX 200 rises, Fortescue up, Airtasker climbs

Nuix (ASX:NXL) share price rises on Macquarie’s IPO review verdict

Motley Fool contributor 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 has recommended Pointsbet Holdings Ltd. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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