Leading brokers up and down Australia have once again been busy interpreting new data and share price moves.
Three shares which have come out favourably and received buy ratings are listed below. Here's why brokers think you should buy them today:
Domino's Pizza Enterprises Ltd. (ASX: DMP)
A research note out of Morgan Stanley on Tuesday revealed that its analysts have retained their outperform rating and $80 price target on the pizza chain operator's shares. Its analysts believe the recent weakness in its share price, brought on by concerns over alleged staff underpayments and franchisee profitability, is only temporary. I would agree with Morgan Stanley on this one. At the current share price I think Domino's is great value considering its growth prospects and the shift towards eating out and home delivery.
Galaxy Resources Limited (ASX: GXY)
Macquarie has followed in the footsteps of Citi and upgraded the lithium miner to an outperform rating. According to a research note out of the investment bank, Macquarie's analysts have lifted their lithium price forecasts by almost 20% for 2020-21. Macquarie's price target for Galaxy's shares is $2.10, compared to Citi's $2.70 price target. Due to increasing demand for the metal to be used in batteries of electric vehicles, renewable energy, and smart phones, I think Galaxy has enormous growth potential. Though like many in the resources sector, its shares are highly volatile and prone to wild swings.
Tabcorp Holdings Limited (ASX: TAH)
According to a research note out of Deutsche Bank, its analysts have reiterated their buy rating and increased their price target on the gambling company's shares to $5.35. Although it appears disappointed with yesterday's weaker-than-expected trading update, Deutsche is more focused on the approval of its merger with Tatts Group Limited (ASX: TTS). As individual companies I wasn't overly keen on the pair, but I do think the merger has the potential to create a force in the industry. This could make it worth considering today, in my opinion.
