With so many shares to choose from on the Australian share market, it can be hard to decide which ones to buy.
Luckily brokers up and down the country have been trying to make life easier for investors by making buy and sell recommendations this week. Here are two that were given buy ratings:
Cleanaway Waste Management Ltd (ASX: CWY)
According to a note out of UBS, its analysts have upgraded the waste management company to a buy rating following its $671 million takeover offer for Tox Free Solutions Limited (ASX: TOX). The broker has also increased its price target on Cleanaway's shares to $1.64. UBS believes the acquisition would provide diversification and meaningful synergies. While I agree with the investment bank on this one, I do see more value in rival Bingo Industries Ltd (ASX: BIN).
Independence Group NL (ASX: IGO)
A note out of Citi reveals that its analysts have upgraded the miner to a buy rating all the way from sell. Furthermore, the investment bank has lifted the price target on Independence to $4.50 from $4.20. Its analysts have made the move due to their positive view on the price of base metals in 2018 and its plan to ramp up to full production at its Nova site. I'm going to sit on the fence with this one. While I do see many positives, I am concerned by its high levels of short interest. At the last count Independence was the second-most shorted share on the ASX with 19% of its shares held short.
