With countless annual general meetings, conferences, and quarterly reports due this month, many of Australia's leading brokers have been busy adjusting financial models and recommendations to account for new developments.
Three shares that have come out favourably and been given buy ratings are listed below. Here's why they are tipped as buys:
Domino's Pizza Enterprises Ltd (ASX: DMP)
Analysts at Morgan Stanley have retained their overweight rating and $65.00 price target on this pizza chain operator's shares following its investor day. The broker appears to have come away from the meeting pleased to see that there is still significant growth available in existing territories and welcomed the additional insight provided in respect to its digital initiatives in areas such as advertising and purchasing. I agree with Morgan Stanley on Domino's and think it would be a great buy and hold option for investors.
Graincorp Ltd (ASX: GNC)
According to a note out of Deutsche Bank, its analysts have retained their buy rating and bumped up the price target on this grain producer's shares to $9.30. The broker made the move after Graincorp announced a $94 million investment to expand its Scottish malting capacity. The company advised that this investment reflects strong sector growth and customer demand. Deutsche appears pleased with the move as it will further diversify its business and see the company target a higher margin and growing distilling market. While I agree with Deutsche that this is a big positive, I'm not a huge fan of Graincorp due to its inconsistent performance.
JB Hi-Fi Limited (ASX: JBH)
A note out of the Macquarie equities desk reveals that its analysts have retained their outperform rating and lifted the price target on this retailer's shares slightly to $29.00 ahead of its annual general meeting this week. According to the note, the broker has lifted its margin forecasts due to its belief that price competition has eased. While I do think that its shares look cheap, due to its high levels of short interest, I think it would be best to wait for its trading update on Thursday at its meeting.