With so many shares to choose from on the Australian share market, it can be hard to decide which ones to buy.
The good news is that brokers across the country have tried to make life easier by offering their recommendations.
Three shares that have been named as buys this week are listed below:
Evolution Mining Ltd (ASX: EVN)
According to a note out of the Macquarie equities desk, it analysts have upgraded this gold miner's shares to an outperform rating with an increased price target of $3.30. The broker made the move on the belief that management will go ahead with the underground development of its Cowal asset after the release of positive drill results. Macquarie expects this to allow the company to deliver on its long-term production goal of a sustainable 300,000 ounces per annum. If I were bullish on the gold price I would be a buyer of Evolution's shares, but as I'm reasonably bearish I'll continue to avoid it.
Nufarm Limited (ASX: NUF)
A note out of Citi reveals that its analysts have retained their buy rating and $9.00 price target on Nufarm's shares after the Brazilian court overturned the ban on glyphosate sales. This will allow Nufarm to continue to sell glyphosate for use in the upcoming Brazilian soybean planting season. In addition to this positive, the broker believes a better than expected full year result later this month could be help propel its shares higher. While things look a lot less bleak for Nufarm right now, I don't believe the glyphosate issue is over. In light of this, I would suggest investors avoid its shares for the time being.
Westpac Banking Corp (ASX: WBC)
Analysts at Goldman Sachs have retained their buy rating and $34.43 price target on this banking giant's shares after it announced a settlement with ASIC over responsible lending breaches. The broker believes the one-off $35 million penalty is immaterial to its overall results. Furthermore, while class actions cannot be ruled out, Goldman feels it is worth noting that the loans in question have performed in line with the broader book, that the bank has not admitted that its loans were unsuitable for the customers, and that ASIC has not alleged that customers have suffered loss or damage from the loans. I agree with Goldman and feel the recent dip in its share price is a buying opportunity.
