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Leading brokers name 3 ASX shares to buy in May

It certainly has been a busy week for many of Australia’s leading brokers. Countless trading updates have been released this week courtesy of the Macquarie Group Ltd (ASX: MQG) conference.

Unsurprisingly this has led to a number of broker upgrades and downgrades. Three shares which have found favour with brokers today are listed below:

Aconex Ltd (ASX: ACX)

A research note out of Morgan Stanley reveals that its analysts have reiterated their overweight rating and increased their price target on the software company’s shares to $5.05. Yesterday Aconex confirmed that it was on course to meet its full-year guidance and continues to target revenue growth of at least 20% per annum over the medium to long-term. I would agree with Morgan Stanley on this one and think Aconex could prove to be a great buy and hold investment.

oOh!Media Ltd (ASX: OML)

Analysts at Credit Suisse have upgraded the media company to an outperform rating with a $5.05 price target. According to the note its analysts believe its shares trade at a discount to APN Outdoor Group Ltd (ASX: APO) and provide sizeable upside potential. Whilst I do like oOh!Media, at 27x trailing earnings I don’t think they are necessarily great value for money at present. So for now I would hold off and wait for a better entry point.

Super Retail Group Ltd (ASX: SUL)

According to a research note out of Deutsche Bank, its analysts have reiterated their buy rating and $11.50 price target on the retailer’s shares following yesterday’s trading update. Although it acknowledges a slowdown in like-for-like sales, Deutsche remains optimistic on the company’s prospects in a challenging retail environment. Unfortunately with Amazon expected to arrive in Australia later this year, Super Retail isn’t really a company I would feel comfortable investing in today. I believe it could be one of the more negatively impacted retailers from an Amazon launch. So for this reason I’d give it a miss.

Whilst I might not be a buyer of Super Retail, I certainly would be a buyer of these three growth shares. I class each of them as a strong buy today.

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The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Super Retail Group Limited. Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of ACONEX FPO. 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 Bruce Jackson.

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