It has been a busy week filled with countless quarterly reports, conferences, and annual general meetings. This has unsurprisingly led to a large number of broker notes being released.
Three shares that have fared well and been given buy ratings are listed below. Here’s why they are in favour with brokers:
Aristocrat Leisure Limited (ASX: ALL)
According to a note out of Morgans, it has retained its add rating and lifted the price target on this gaming technology company’s shares to $34.89. The broker believes that the recent pullback in the Aristocrat Leisure share price has created a buying opportunity. Morgans is bullish on the company and expects solid growth from its digital business and notes its strong position in the U.S. slow market. I agree with Morgans on this one and think that Aristocrat Leisure is one of the best growth options on the market right now.
CSL Limited (ASX: CSL)
Analysts at Citi have upgraded this biopharmaceutical company’s shares to a buy rating from neutral. The broker has, however, trimmed its price target down to $218.00. According to the note, like Aristocrat Leisure, the broker believes the pullback in its share price brought about by rising bond yields is a buying opportunity for investors. I would have to agree with Citi on CSL and believe its shares are a great option for investors at these levels.
Galaxy Resources Limited (ASX: GXY)
A note out of the Macquarie equities desk reveals that its analysts have retained their outperform rating but cut the price target on this lithium miner’s shares to $3.00. According to the note, the broker was disappointed with Galaxy’s quarterly production but sees enough long term value in the company’s development pipeline to retain its positive rating. The price target has been cut partly to reflect an increase in Mt Cattlin costs and expectations that its Sal de Vida operation won’t be operating as soon as initially anticipated. I was disappointed with Galaxy’s quarter and would class its shares as a hold now until its performance improves.
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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources 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.