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Leading brokers name 3 ASX shares to buy today

On Tuesday I had a look at a few unfortunate shares which had just been given sell ratings by brokers.

Today I thought I would take a look at which shares they recommend investors buy. Here are three which caught my eye:

Ardent Leisure Group (ASX: AAD)

According to a note out of Citi, its analysts have upgraded Ardent Leisure’s shares all the way from a sell rating to a buy. Furthermore, the broker has increased its price target from a lowly $1.50 to $2.40. Citi has made the move after the company’s latest update revealed improved performances from both its Main Event and Theme Park businesses. In addition to this, the broker believes that U.S. tax cuts should be of benefit to the company due to its growing U.S. footprint. I would agree with Citi on this one. Although it has taken longer than I expected, its last update appears to show that the company is in a position to return to growth again in the near future.

Magellan Financial Group Ltd (ASX: MFG)

A note out of Morgans reveals that its analysts have upgraded the fund manager to an add rating with a reduced price target of $28.30 after delivering a half-year result in-line with expectations. While the broker believes market volatility could be a risk in the short-term, it appears to be pleased with the two earnings accretive acquisitions it announced yesterday. Whilst I am a fan of Magellan, I would hold off an investment until market volatility reduces. After all, there is a danger that the rebound is a dead cat bounce.

Speedcast International Ltd (ASX: SDA)

Analysts at Credit Suisse have retained their outperform rating and increased the price target on Speedcast’s shares to a massive $7.50. The broker has made the move after the company announced a 10-year deal with NBN Co to deliver enterprise-grade satellite services. The deal could be worth up to $184 million to the company over the 10 years. Whilst I think that Speedcast could be a great investment, I would be pleasantly surprised if its share price rose to $7.50 this year. This price target implies approximately 34% upside for its shares.

As well as the three shares above, I think these top growth shares ought to be classed as strong buys today.

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Motley Fool contributor James Mickleboro has no position in any of the 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.

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