Top brokers name 3 ASX shares to buy today

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

finger pressing red button on keyboard labelled Buy

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:

Goodman Group (ASX: GMG)

According to a note out of UBS, its analysts have upgraded this property company’s shares to a buy rating with an $18.70 price target. The broker made the move largely on valuation grounds after a recent pullback in the Goodman share price. In addition to this, it notes that demand for its developments is strong and its balance sheet gives it the flexibility to capitalise fully on structural tailwinds. The Goodman share price is trading at $17.27 this afternoon.

Metcash Limited (ASX: MTS)

Analysts at Credit Suisse have retained their outperform rating and $4.08 price target on this wholesale distributor’s shares following its strategy update. According to the note, the broker was pleased with the update. It was also happy to see that the business is performing well in the second half and notes that the board intends to lift its payout ratio from 60% to 70%. And while it has reduced its earnings estimates slightly to account for higher than expected costs, it remains positive on its outlook. The Metcash share price is fetching $3.41 on Wednesday.

Telstra Corporation Ltd (ASX: TLS)

A note out of Ord Minnett reveals that its analysts have upgraded this telco giant’s shares to a buy rating with an improved price target of $4.05. According to the note, the broker believes Telstra’s key post-paid mobile business is well-placed to benefit from the 5G rollout. In addition, Ord Minnett expects Telstra to maintain its dividend at the current level. This will mean 16 cents per share fully franked dividends for the next couple of years at least. The Telstra share price is trading at $3.14 on Wednesday afternoon.

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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 Telstra Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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

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