Top brokers name 3 ASX shares to buy

Brokers up and down Australia have been busy once again reassessing new data and readjusting their discounted cash flow models accordingly.

Three shares that have come out of this favourably are listed below. Here’s why they have been given buy ratings:

BHP Billiton Limited (ASX: BHP)

According to a note out of Citi, its analysts have upgraded BHP’s shares to a buy rating with an increased price target of $33.00. The broker has made the move after acknowledging that the company could potentially command a better than expected price for the shale assets it is looking to offload. Based on recent deals being made in the industry, it estimates that BHP could get US$14 billion for the assets. Previously it had estimated a price of US$10 billion. I agree with Citi on this one and think BHP is a strong buy.

Hub24 Ltd (ASX: HUB)

A note out of Credit Suisse reveals that its analysts have retained their outperform rating but reduced the price target on the fintech company’s shares slightly to $12.80. Although the broker has lowered its earnings forecasts based on lower funds under administration as a result of weak equity markets in the first-quarter, it still sees enough value to recommend Hub24 as a buy. Whilst it wouldn’t be my first pick in the industry, I do think it is reasonably attractive at the current share price.

Inghams Group Ltd (ASX: ING)

Analysts at the Macquarie equities desk have retained their outperform rating and $4.00 on this poultry company’s shares. According to the note, the voluntary administration of rival Red Lea Chicken could be good news for Inghams. Macquarie estimates that Red Lea Chicken has a market share of 2% to 3% and its potential closure could tighten up the supply side. While it isn’t a company that I’m a big fan of, Macquarie could be onto something with this recommendation.

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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 Scott Phillips.

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