Motley Fool Australia

Top brokers name 3 ASX shares to buy today

Credit: PressReleaseFinder

With a number of companies coming out with quarterly updates and preliminary results, brokers up and down Australia have certainly been kept busy this week.

Amongst the many recommendation changes that have been revealed, three upgrades caught my eye today. They are as follows:

BlueScope Steel Limited (ASX: BSL)

This steel manufacturer has seen its shares upgraded to an accumulate rating by Ord Minnett following its surprise profit upgrade yesterday. At around 11x estimated FY 2017’s earnings, its analysts believe its cheap price more than compensates for the volatility of its earnings. Whilst I was admittedly impressed by yesterday’s preliminary half-year result, that lack of stability in its earnings is not something I find attractive. I’ll continue to sit this one out.

Mirvac Group (ASX: MGR)

A research note out of Goldman Sachs reveals that its analysts have upgraded the residential property development and commercial property company to a buy rating. The investment bank believes Mirvac’s residential portfolio is being undervalued by investors. Furthermore, it is optimistic on its commercial portfolio which has a strong presence in the booming Sydney market. I would agree with Goldman on this one. As long as the Australian property market remains solid, Mirvac should prove to be a good investment.

ResMed Inc. (CHESS) (ASX: RMD)

Another research note out of Ord Minnett reveals that the shares of sleep treatment company ResMed have been upgraded to an accumulate rating. As well as being impressed with yesterday’s solid quarterly result, its analysts appear confident that the launch of its new masks will result in a rise in gross margins. This time I agree with Ord Minnett. I think ResMed is one of the best investments available to investors on the ASX. Its strong growth potential in an expanding market could make it the perfect buy and hold investment today.

If I could only pick one of the three shares above for an investment I would have to pick ResMed. I feel reasonably confident that it will outperform the market and the other two recommendations over the next 12 months.

Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks 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.*

In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.

*Returns as of 6/8/2020

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.

Related Articles...