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Brokers name 3 ASX shares to buy today

It certainly has been an eventful week filled with wild share price moves and countless trading updates.

Unsurprisingly, this has led to a large number of broker notes hitting the wires.

Three shares that are in favour with brokers are listed below. Here’s why they are bullish on them:

AMP Limited (ASX: AMP)

According to a note out of Citi, its analysts have upgraded this embattled financial services company’s shares to a (high risk) buy rating from neutral with a reduced price target of $2.85. Citi believes that value could be emerging after its shares were smashed on Thursday following its market update. In addition to this, the broker suspects that AMP could have upwards of $1 billion to spend on share buybacks. While I think Citi makes a fair point, I’m staying clear of AMP dues to concerns that things could still get a lot worse before they get better.

Bellamy’s Australia Ltd (ASX: BAL)

A note out of Goldman Sachs reveals that its analysts have retained their buy rating but cut the price target on this infant formula company’s shares to $13.20 following its trading update. Although the broker appears disappointed with Bellamy’s update and its lack of growth in the near term, it remains confident that its long-term growth story is still intact. I agree with this view and think it could be worth picking up Bellamy’s shares with a long-term view.

JB Hi-Fi Limited (ASX: JBH)

Analysts at Macquarie have retained their outperform rating and $29.00 price target on this retailer’s shares following yesterday’s trading update. The broker appears to have been pleased with JB Hi-Fi’s sales for the September quarter and that management reiterated its full year guidance. In addition to this, the broker suggests investors choose JB Hi-Fi ahead of rival Harvey Norman Holdings Limited (ASX: HVN) due to it having less direct exposure to the weakening housing market. While I thought that JB Hi-Fi delivered a solid quarter, I won’t be investing until I’ve seen its half year results.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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.

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