Brokers name 3 top ASX shares to buy today

It has been a busy week with seemingly countless broker notes hitting the wires.

Today has been no exception and a number of shares have been rated as buys by brokers.

Three that caught my eye are listed below. Here’s why they have been given the much-coveted buy rating:

A2 Milk Company Ltd (ASX: A2M)

According to a note out of the Macquarie equities desk, it has held firm with its outperform rating and $12.40 price target following the release of the infant formula and dairy company’s guidance yesterday. The broker appears to believe that a2 Milk Company will be a good long-term investment due to the way its business is disrupting a growing category. I agree with Macquarie on this one and think investors ought to consider seizing on this recent share price weakness to make an investment with a long-term view.

Noni B Limited (ASX: NBL)

Analysts at Morgans have retained their add rating and increased the price target on this fashion retailer’s shares to $3.83 following the release of its trading update yesterday. The broker was pleased with its update and is confident that Noni B will have a strong FY 2019 thanks to its recent acquisitions and track record of turning around struggling retail brands. Morgans expects earnings to double by FY 2020. I’ve been a big fan of Noni B for some time and that remains the case today. I agree with Morgans that it would be a great investment.

Rio Tinto Limited (ASX: RIO)

Another note out of the Macquarie equities desk reveals that it has maintained its outperform rating and $94.00 price target on this mining giant’s shares after it agreed to sell its interest in the Grasberg mine in Indonesia for US$3.5 billion. The broker expects its divestments to total a sizeable US$8.5 billion in 2018, giving the company the ability to boost its ongoing capital management programs. While I do have slight concerns over a potential global trade war, I’m optimistic that a crisis will be averted and that Rio Tinto will prove to be a good investment. Especially with these funds likely to find their way back to shareholders in the form of share buy backs or dividends.

Finally, here are three more buy rated shares that could be great investments in FY 2019.

Top 3 ASX Blue Chips To Buy In FY 2019

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of A2 Milk. 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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