Top brokers name 3 ASX shares to buy today

Galaxy Resources Limited (ASX:GXY) shares are one of three that brokers have named as buys today. Here's why…

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With so many shares to choose from on the Australian share market, it can be hard to decide which ones to buy.

Luckily brokers have done a lot of the hard work to help you narrow down your choices. Three shares they rate as buys right now are listed below:

Galaxy Resources Limited (ASX: GXY)

According to a note out of Morgan Stanley, it has upgraded this lithium miner's shares to an overweight rating with an increased price target of $2.90. The broker has made the move after Galaxy and its lithium peers suffered a sharp correction in their respective share prices. And although the broker remains bearish on lithium prices, it still sees value in Galaxy's shares at these levels. Especially with its hefty cash balance and potential positive catalysts such as the sale of Sal de Vida tenements and drilling results expected in the near term. I agree with Morgan Stanley on Galaxy, but I would only suggest investing if you have a high tolerance for risk.

Incitec Pivot Ltd (ASX: IPL)

A note out of the Macquarie equites desk reveals that it has retained its outperform rating and $4.16 price target on this fertiliser provider's shares ahead of its full year results next week. According to the note, the broker believes that recent earnings upgrades from global peers Mosaic and Nutrient are a positive sign for Incitec Pivot. While I agree that the upgrades from Mosaic and Nutrient are likely to mean that the company has been performing well of late, I would suggest investors wait for its results release before investing.

Suncorp Group Ltd (ASX: SUN)

Analysts at Goldman Sachs have retained their buy rating and $16.05 price target on this insurance and banking company's shares following today's update. According to the note, the broker was reasonably pleased with Suncorp's first quarter banking update and believes that lending momentum is running in line with its half year estimates. It does have slight concerns over management's net interest margin guidance of the low end of its 1.8% to 1.9% range in FY 2019, but not enough to change its rating at this stage. While Suncorp isn't a share I'm overly fond of due to its inconsistent performance, I feel it could still be worth a closer look at these levels.

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.

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