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Top brokers name 3 ASX shares to buy today

Brokers up and down Australia have been having a busy week with countless updates and new developments being announced across the market.

Unsurprisingly, this has led to the release of a large number of broker notes this week.

Three companies that have been viewed favourably and have had buy ratings placed on their shares are listed below. Here’s why brokers like them:

Aristocrat Leisure Limited (ASX: ALL)

According to a note out of the Macquarie equities desk, its analysts have retained their outperform rating and lifted the price target on this gaming technology company’s shares to $26.85. The broker made the move after revising upwards its forecasts for Aristocrat Leisure’s Digital segment ahead of next month’s first-half result. In addition to this, the broker believes Aristocrat Leisure may provide more colour on the performance of its Plarium and Big Fish acquisitions at its investor day at the start of the May. I agree with Macquarie on this one and think it is one of the best growth shares on the local market.

Nextdc Ltd (ASX: NXT)

A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and increased the price target on the data centre operator’s shares to $9.20 from $8.10. This price target upgrade was made in response to NEXTDC’s decision to add three new data centres to its network. Its analysts also appear pleased that management has once again reiterated that it is experiencing heightened demand for its services and believes the company is unlikely to disappoint in the short term. Like Aristocrat Leisure, I think NEXTDC is one of the best growth shares on the Australian share market. Because of this, I feel Morgan Stanley is spot on with its assessment.

Rio Tinto Limited (ASX: RIO)

Analysts at Credit Suisse have retained their outperform rating and $82.00 price target after the mining giant released its quarterly production update yesterday. Although the March quarter was a little softer than the broker had expected, it was pleased with its iron ore production considering the cyclone disruption it faced. Offsetting the softer production are the broker’s improved forecasts for aluminium and the strength of its balance sheet and cash flow generation. I would have to agree with Credit Suisse as well. While Rio Tinto is my second favourite share in the resources sector, it is still a great option in my opinion.

Looking for more broker buys? Then check out these buy-rated shares.

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Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. 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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