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Top brokers name 3 ASX shares to buy today

Top brokers have named Pushpay Holdings Ltd (ASX:PPH) and these ASX shares as buys this week. Here’s why they are bullish on them…
The post Top brokers name 3 ASX shares to buy today appeared first on Motley Fool Australia. –

Buy ASX shares

Many of Australia’s top brokers have been busy adjusting their financial models 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:

Fortescue Metals Group Limited (ASX: FMG)

According to a note out of Citi, its analysts have upgraded this iron ore producer’s shares to a buy rating with a $18.50 price target. Although the broker acknowledges that iron ore prices have softened this month due to concerns over Chinese steel production, it expects improving steel production outside China to be supportive of prices. Citi is forecasting a $2.05 per share fully franked dividend in FY 2021, which equates to a massive yield of almost 13%. I think Citi is spot on and Fortescue would be a top option for investors.

Magellan Financial Group Ltd (ASX: MFG)

Analysts at Morgans have upgraded this fund manager’s shares to an add rating but trimmed the price target on them slightly to $61.05. According to the note, despite others classing its shares as expensive, the broker believes Magellan is trading on undemanding multiples. Especially given its positive growth outlook. This should be supported by solid flows from partnerships and new product launches. I think Morgans makes some good points, but I would rather invest at a lower price.

Pushpay Holdings Ltd (ASX: PPH)

A note out of Credit Suisse reveals that its analysts have retained their outperform rating and lifted their price target on this donation platform provider’s shares to NZ$9.30 (A$8.63). Credit Suisse believes Pushpay is in a strong position to benefit from an acceleration in digital donations because of the pandemic. In addition to this, it feels that its platform is becoming indispensable to churches. This should be supportive of high retention rates. All in all, the broker expects Pushpay to outperform its guidance once again in FY 2021. I agree with Credit Suisse and believe Pushpay is a fantastic long term option for investors.

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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 PUSHPAY FPO NZX. The Motley Fool Australia has recommended PUSHPAY FPO NZX. 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 Top brokers name 3 ASX shares to buy today appeared first on Motley Fool Australia.

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