Brokers are feeling bullish 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:
BlueBet Holdings Ltd (ASX: BBT)
According to a note out of Morgans, its analysts have retained their add rating and $2.44 price target on this sports betting company’s shares. This follows news that BlueBet has signed an agreement with the Colorado River Indian Tribes and BlueWater Resort and Casino to pursue online sports betting access in Arizona. Morgans was pleased with the news, noting that this follows a similar development in Virginia. The broker believes the company has a huge opportunity in the US market. The BlueBet share price is trading at $2.00 at present.
Novonix Ltd (ASX: NVX)
Another note out of Morgans reveals that its analysts have retained their (speculative) add rating and lifted their price target on this lithium company’s shares to $4.53. Morgans notes that US energy company Phillips 66 is investing in Novonix, with the proceeds expected to support an increase in Novonix Anode Materials production capacity. The broker feels the deal de-risks the company’s growth plans. It also believes Novonix is well-positioned in the US market to benefit from increasing demand for battery materials. The Novonix share price is fetching $3.93 currently.
Suncorp Group Ltd (ASX: SUN)
Analysts at Credit Suisse have upgraded this insurance giant’s shares to an outperform rating and lifted the price target on them to $14.00. This follows the release of a strong full year result earlier this week. Credit Suisse appears confident this strong form will continue, underpinning further growth in earnings and dividends in the near term. The Suncorp share price is trading at $12.77 on Wednesday.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of May 24th 2021
Novonix (ASX:NVX) share price surges another 12%. Here’s why
Why Accent, Bluebet, IAG, & Megaport shares are tumbling lower
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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.