Brokers are feeling positive about these ASX shares…
The post Top brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia. –
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:
Life360 Inc (ASX: 360)
According to a note out of Morgan Stanley, its analysts have initiated coverage on this app maker’s shares with an overweight rating and $8.60 price target. The broker has been impressed with the company’s user base growth and feels that market under appreciates this. It has also been pleased with the company’s expansion from location tracking to solutions such as roadside assistance, ID protection, and phone insurance. The Life360 share price is fetching $6.73 this afternoon.
Nitro Software Ltd (ASX: NTO)
Another note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $3.70 price target on this document productivity company’s shares. This follows the company’s announcement of the acquisition of PDFpen. Morgan Stanley notes that this acquisition gives Nitro access to the Apple ecosystem, which bodes well for the future. The broker estimates that enterprise usage of iOS devices will increase from around 5% to 20% in the future. Nitro is currently only available on Windows. The Nitro share price is trading at $3.24 today.
Pilbara Minerals Ltd (ASX: PLS)
Analysts at Macquarie have retained their outperform rating and lifted their price target on this lithium producer’s shares to $1.60. According to the note, Pilbara Minerals’ shipments were well ahead of the broker’s expectations in the fourth quarter. In addition to this, it notes that the Ngungaju plant is being restarted earlier than it expected. This has led to an upgrade to Macquarie’s production estimates. Finally, the broker felt its recent drilling update was promising and suspects that mineral resource upgrades are coming. The Pilbara Minerals share price is trading at $1.45 today.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Life360, Inc. The Motley Fool Australia has recommended Nitro Software Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.