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Leading brokers name 3 ASX shares to buy

Brokers across Australia have been busy updating recommendations ahead of and after the release of results this month.

Three shares that have fared well are listed below. Here’s why they are tipped as buys:

Commonwealth Bank of Australia (ASX: CBA)

According to a note out of Morgans, its analysts have retained their add rating and $79.00 price target on the bank’s shares ahead of its results release on Wednesday. Morgans expects Australia’s largest bank to report underlying income growth of 4.4% for FY 2018. It will also be looking out for management to add colour to its planned demergers and the impact they will have on its capital position. While Commonwealth Bank isn’t my first pick in the industry, I think the big four banks are all reasonably priced at these levels.

oOh!Media Ltd (ASX: OML)

Analysts at Citi have placed a buy rating and $5.35 price target on the shares of this outdoor advertiser’s shares. According to the note, the broker remains positive on the out of home advertising market and expects its growth to outpace the rest of the advertising industry. In light of this, the broker has forecast oOh!Media to deliver a solid result this month. I like the look of the company’s shares at this price and think it could be well worth considering.

ResMed Inc. (ASX: RMD)

Another note out of Morgans reveals that its analysts have retained their add rating and lifted the price target on the sleep treatment company’s shares to $16.41 following the release of its latest quarterly result. According to the note, ResMed’s results were in line with the broker’s expectations and its analysts remain optimistic on the company’s future growth due to the growing installed base of ResMed’s connected devices and its focus on resupply. I’m a big fan of ResMed and feel it is one of the best shares in the healthcare sector. As such, I would have to agree with Morgans on this recommendation.

Finally, here are four more buy-rated shares for investors to consider snapping up this week.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended oOh!Media Ltd and ResMed Inc. 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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