Leading brokers have named Premier Investments Limited (ASX:PMV) and these ASX shares as buys this week. Here’s why they are bullish on them…
The post Leading brokers name 3 ASX shares to buy today appeared first on Motley Fool Australia. –
With so many shares to choose from on the ASX, it can be hard to decide which ones to buy.
The good news is that brokers across the country are doing a lot of the hard work for you.
Three top shares that leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:
Northern Star Resources Ltd (ASX: NST)
According to a note out of the Macquarie equities desk, its analysts have retained their outperform rating and lifted their price target on this gold miner’s shares to $16.60. The broker notes that Northern Star is aiming to increase its production by 40% through to FY 2023. It is also targeting a 10% reduction in costs. In light of this and its favourable dividend policy, the broker thinks Northern Star would be a good option for investors looking for exposure to the gold sector. I agree with Macquarie and think Northern Star could be a good option.
Premier Investments Limited (ASX: PMV)
Analysts at UBS have retained their buy rating and lifted the price target on this retail conglomerate’s shares to $20.50. UBS notes that Premier Investments delivered a result in line with expectations in FY 2020. Looking ahead, the broker expects its earnings to decline in FY 2021 because of COVID-19 headwinds. However, longer term, UBS is very positive on the company’s prospects. This is thanks partly to the global expansion of the Smiggle brand and its improving margins due to a shift in its sales mix. While it isn’t my favourite option in the retail space, I think it is worth considering.
Suncorp Group Ltd (ASX: SUN)
Another note out of the Macquarie equities desk reveals that its analysts have upgraded this insurance and banking giant’s shares to an outperform rating with an $11.00 price target. The broker made the move largely on valuation grounds. It notes that Suncorp’s shares are trading at a significant discount to the market average. It feels this is unwarranted and believes that the bank provisions it has made are reasonable. I think Suncorp could be worth a closer look if you’re a value or income investor.
These 3 stocks could be the next big movers in 2020
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. 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.