With a number of companies holding annual general meetings or releasing their latest earnings results this week, many of Australia's leading brokers have been busy crunching numbers and adjusting their recommendations accordingly.
Three shares which have come out of this favourably are listed below. Here's why they have been given buy ratings:
Bapcor Ltd (ASX: BAP)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $7.00 price target on the automotive aftermarket parts company following its annual general meeting. Although the broker has a touch of concern over the performance of Bapcor's franchisees which have experienced flat sales so far in FY 2018, it is willing to overlook this due to their improved profitability. I would have to agree with Morgan Stanley on this one. I think Bapcor is one of the standout picks in the industry at this point in time.
Boral Limited (ASX: BLD)
Analysts at Deutsche Bank have retained their buy rating and $7.68 price target on the building materials company's shares following yesterday's AGM. Deutsche appears to have been pleased to see Boral upgrade its full-year earnings growth guidance to the high single-digits compared to previous guidance of just 5%. While I think Boral is in a great place right now and should have a strong FY 2018, I think its shares are about fully valued and offer limited upside. In light of this, I would class it as a hold.
National Australia Bank Ltd. (ASX: NAB)
A note out of Credit Suisse reveals that it has retained its outperform rating and $34.50 price target on the banking giant's shares following the release of its FY 2017 results. The broker has held its price target firm despite lowering its earnings forecasts due to the bank's restructuring plans. This is due to its belief that the plans are superior to its rivals. While I think NAB looks a little more attractive following its post-results decline, it still hasn't fallen enough to make me a buyer. Like Boral, I would class NAB as a hold now. If its shares came down to the $30.00 level I would be a buyer.
