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:
Fortescue Metals Group Limited (ASX: FMG)
According to a note out of Macquarie, its analysts have retained their outperform rating but cut their price target on this mining giant’s shares to $25.00. Macquarie remains positive on Fortescue and believes it can still generate 10% free cash flow yields in the medium term. This is due to its belief that a reduction in capital expenditure will offset weaker iron ore prices. As a result, it continues to forecast very generous dividend payments in the years to come. The Fortescue share price is fetching $17.92 today.
Healius Ltd (ASX: HLS)
A note out of Credit Suisse reveals that its analysts have retained their outperform rating and lifted their price target on this healthcare company’s shares to $5.50. The broker has upgraded its earnings estimates to reflect higher than previously forecast COVID-19 testing volumes. It also notes that FY 2023 is likely to be boosted by testing on international travellers. The Healius share price is trading at $4.98 on Wednesday afternoon.
Sandfire Resources Ltd (ASX: SFR)
Analysts at Macquarie have retained their outperform rating and $9.70 price target on this copper miner’s shares. According to the note, the broker was pleased with the company’s drilling results from the Motheo Project in Botswana. It believes the new discovery could provide it with a big boost to mining inventories. This comes at a time that copper prices are very favourable. The Sandfire Resources share price is trading at $6.58 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 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.