These shares could be in the buy zone according to brokers…
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:
Bapcor Ltd (ASX: BAP)
According to a note out of Citi, its analysts have retained their buy rating and lifted their price target on the auto parts retailer’s shares slightly to $9.55. The broker appears to be pleased with Bapcor’s recent strategy update and notes that it has many medium and long term growth opportunities. Particularly given favourable trading conditions and consumer mobility trends. In addition to this, the company’s bold store expansion plans and its growing private label business are expected to be key growth drivers. The Bapcor share price ended the week at $8.35.
Telstra Corporation Ltd (ASX: TLS)
A note out of Credit Suisse reveals that its analysts have retained their outperform rating and lifted their price target on this telco giant’s shares to $4.15. This follows news that the company has agreed to sell 50% of its InfraCo Towers business for $2.8 billion, with ~50% of net proceeds to be returned to shareholders. Credit Suisse notes that the sale price was higher than it expected, which it expects to be accretive to earnings. Outside this, the broker remains positive on Telstra due to its improving outlook and encouraging mobile trends. The Telstra share price was fetching $3.79 at Friday’s close.
Westpac Banking Corp (ASX: WBC)
Analysts at Morgan Stanley have retained their overweight rating and $29.20 price target on this banking giant’s shares. According to the note, the broker believes Westpac can outperform the ASX 200 over the next 12 months. Morgan Stanley expects this to be driven by a continuing earnings upgrade cycle, potential capital management, and its attractive valuation. The Westpac share price was trading at $25.64 on Friday afternoon.
Should you invest $1,000 in Westpac right now?
Before you consider Westpac, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Westpac wasn’t one of them.
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*Returns as of May 24th 2021
Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Bapcor and Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.