Top brokers have named TechnologyOne Ltd (ASX:TNE) and these ASX shares as buys for next week. Here’s why they are bullish on them…
The post Top brokers name 3 ASX shares to buy next week appeared first on The Motley Fool Australia. –
Last week saw a number of broker notes hitting the wires once again. Three buy ratings that caught my eye are summarised below.
Here’s why brokers think investors ought to buy them next week:
Afterpay Ltd (ASX: APT)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $145.00 price target on this payments company’s shares. The broker has been looking at the pending launch of Afterpay Money. Morgan Stanley sees a lot of positives in the product and suspects it could add almost $600 million to its local revenue by FY 2025. It also believes the offering could reduce payment processing costs significantly and increase customer engagement. The Afterpay share price ended the week at $114.40.
Coles Group Ltd (ASX: COL)
Another note out of Morgan Stanley reveals that its analysts have retained their overweight rating but trimmed their price target on this supermarket giant’s shares to $19.00. The broker made the move in response to Coles’ strategy update last week. Although the supermarket operator’s capital expenditure and depreciation forecasts were higher than expected, leading to a reduction in the broker’s earnings estimates, it still believes its shares are great value at the current level. The Coles share price was fetching $16.36 at the end of last week.
SEEK Limited (ASX: SEK)
Analysts at Macquarie have upgraded this job listings company’s shares to an outperform rating and lifted their price target on them materially to $40.00. According to the note, the broker expects SEEK to benefit greatly from the removal of ad discounts. In addition to this, with the broker forecasting a sharp drop in the unemployment rate over the next two years, it feels SEEK is well-placed to profit from increasing ad volumes. The SEEK share price ended the week at $33.16.
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James Mickleboro owns SEEK shares. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and COLESGROUP DEF SET. The Motley Fool Australia has recommended SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.